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CBDT relaxes norms for MAT on firms facing insolvency
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....BDT relaxes norms for MAT on firms facing insolvency <br>News and Press Release<br>Dated:- 6-1-2018<br><BR>New Delhi, Jan 6 (PTI) The Income Tax Department today relaxed norms for levy of Minimum Alte....
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....rnate Tax (MAT) on companies facing corporate insolvency proceedings. As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or un....
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....absorbed depreciation, whichever is less. "With effect from assessment year 2018-19 (FY2017-18), in case of a company, against whom an application for corporate insolvency resolution process has....
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.... been admitted by the adjudicating authority under...the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the p....
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....urposes of levy of MAT under section 115JB of the Act," it said. This has been done to minimise the genuine hardships faced by such companies, said the Central Board of Direct Taxes (CBDT). Len....
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....ders of those companies, which have defaulted on loans, have been approaching the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.<BR> News - Press release - PIB....