Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. https://www.taxtmi.com/circulars?id=54479 The Committee recommends using net profit excluding Net Other Comprehensive Income as the basis for MAT book profit for Ind AS companies, subject to existing statutory adjustments. Permanently recorded OCI items should be included in book profit at specified times: revaluation surpluses and certain fair-value equity gains on realisation or disposal; remeasurements of defined benefit plans annually; and other permanent OCI items as they crystallise. First-time adoption transition adjustments are to be included according to whether they will be reclassified to profit or loss or will never be reclassified. en-us Thu, 28 Apr 2016 00:00:00 +0530 Thu, 06 Jun 2024 15:28:00 +0530 TaxTMI RSS Generator Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. https://www.taxtmi.com/circulars?id=54479 The Committee recommends using net profit excluding Net Other Comprehensive Income as the basis for MAT book profit for Ind AS companies, subject to existing statutory adjustments. Permanently recorded OCI items should be included in book profit at specified times: revaluation surpluses and certain fair-value equity gains on realisation or disposal; remeasurements of defined benefit plans annually; and other permanent OCI items as they crystallise. First-time adoption transition adjustments are to be included according to whether they will be reclassified to profit or loss or will never be reclassified. Circulars Income Tax Thu, 28 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54479