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Minimum Alternate Tax

Ministry Reports Comprehensive Tax Concessions for Cooperatives: MAT Cut to 15%, Manufacturing Rate Slashed, TDS Threshold Tripled

Advika Dwivedi

The Ministry of Cooperation has disclosed a ten point tax reliefs for cooperative societies, including a reduction in Minimum Alternate Tax (MAT)...

MAT Adjustment on Goodwill Amortisation Not Permissible: ITAT Rules in Favour of SC Johnson Pvt Ltd

Income Tax e-Filing Utilities: New Schema Updates for Forms 10B, 29B & 29C

Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour...

Nationalized Banks now liable for Minimum Alternate Tax after 2012 Income Tax Amendment: ITAT [Read...

S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite Deeming Provision in Acquisition Act for Income Tax Purposes: ITAT [Read Order]

The Mumbai Special Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that Section 115JB of the Income Tax Act, 1961 did not apply to Union Bank of India due to Non-Company Status under the...

Corporate Taxation: Purpose and Rates

The Income Tax Act,1961 levies a corporate tax on domestic as well as foreign companies.The Government of India, through this Act,mandates domestic companies to pay corporate taxes based on...

SME Timely Payments Alert: Make Payments by March 31, 2024 to ensure Section 43B(h) Compliance

This article discusses the amendment to the Income Tax Act that impacts how certain deductions are calculated for payments made to micro and small enterprises ( MSMEs ) and its impact on the payments...

Audit Objection cannot be a 'Reason' to Re-Open Assessment: Madras HC [Read Order]

The Madras High Court, in a significant ruling, held that the audit objection cannot be a “reason to believe” that income has escaped assessment for the purpose of re-opening of assessment under...

Direct Tax Vivad se Vishwas Rules and Forms notified [Read Notification]

The Ministry of Finance has notified Direct Tax Vivad se Vishwas Rules and Forms for the purpose of effectively resolving disputes regarding Direct Taxes. The Vivad se Vishwas Rules defined ‘dispute’...

Consequences of Vivad Se Vishwas Scheme: All You Need to Know

The Central Board of Direct Taxes ( CBDT ) has clarified Consequences under clause 6 that, there will be immunity from prosecution to a declarant in relation to a tax arrears for which declaration is...

Form-29B is not at all Significant for Processing of the Return: Kerala HC [Read Judgment]

In a recent case, the Kerala High Court observed that Form-29B is not at all significant for processing of the return as is seen from the facts of the case which indicate that such processing having...