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of <h1>New mechanical minimum tax regime imposes MAT/AMT with specific rates, limited exclusions, 15-year credit, and compliance risks</h1> The enacted provision creates a mechanical minimum tax regime: companies face MAT on deemed book profit (15%; 9% for IFSC units) and non-company taxpayers face AMT on adjusted total income (generally 18.5%; 15% for co-operatives; 9% for IFSC), with detailed add-backs/reductions aligning tax base to IND AS accounting and transitional adjustments. The Act refines and reorders the Bill's formulaic approach, narrows some exclusionary options, and adds granular drafting on insolvency, demergers and carry-forward rules. Excess minimum tax is creditable for fifteen years (no interest), accountant certification is required, and several procedural particulars remain 'as prescribed,' so compliance and reconciliation risks arise from the enacted wording differences.
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