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of <h1>Comprehensive Tax Reform: Minimum Alternate Tax Expands Coverage and Closes Loopholes for Diverse Taxpayer Categories</h1> Legal Document Summary:The text analyzes Clause 206(1) of the Income Tax Bill, 2025, which introduces a comprehensive framework for Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The provision expands tax coverage to various taxpayer categories, ensuring minimum tax contributions by addressing tax avoidance strategies. It introduces differentiated tax rates, detailed computational rules, and special provisions for different entities, including companies, cooperative societies, and other persons. The clause modernizes the previous tax regime by incorporating contemporary accounting standards, providing targeted incentives, and establishing a robust credit mechanism with enhanced anti-avoidance measures.
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