Report regarding framework for computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter https://www.taxtmi.com/circulars?id=68545 The MAT book profit for Ind AS-compliant companies should, as a general rule, be the net profit excluding net other comprehensive income, subject only to the adjustments already specified in section 115JB. Permanent OCI items that will never be reclassified to profit or loss should be included in book profit at specified times (revaluation and fair-value equity gains on realisation; defined benefit plan remeasurements annually). Transition adjustments on first-time adoption should be included in book profit according to whether and when they are reclassified or realised. en-us Fri, 18 Mar 2016 00:00:00 +0530 Wed, 07 May 2025 13:07:00 +0530 TaxTMI RSS Generator Report regarding framework for computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter https://www.taxtmi.com/circulars?id=68545 The MAT book profit for Ind AS-compliant companies should, as a general rule, be the net profit excluding net other comprehensive income, subject only to the adjustments already specified in section 115JB. Permanent OCI items that will never be reclassified to profit or loss should be included in book profit at specified times (revaluation and fair-value equity gains on realisation; defined benefit plan remeasurements annually). Transition adjustments on first-time adoption should be included in book profit according to whether and when they are reclassified or realised. Circulars Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68545