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of <h1>Finance Bill 2021 amends Section 115JB to adjust MAT for past income and foreign dividends under DTAA.</h1> The Finance Bill 2021 proposes amendments to the Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income Tax Act. It addresses concerns regarding the inclusion of past year income in current financial statements due to secondary adjustments or Advance Pricing Agreements (APAs). The amendment allows for the recomputation of book profits and tax liabilities when such adjustments occur. Additionally, it proposes adjustments for foreign companies receiving dividend income taxed at rates lower than MAT due to Double Taxation Avoidance Agreements (DTAA). These changes aim to rationalize MAT calculations and will be effective from April 1, 2021, applicable to the assessment year 2021-22 onwards.
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