Taxmann's Guide to Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT) – Comprehensive analysis in light of Income-tax Act/Rules & relevant Case Laws
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The Present Publication is the 2nd Edition (2022) authored by Taxmann's Editorial Board. The law stated in this book is amended by the Finance Act 2022, with the following noteworthy features:
• [Discussions on Liability/Exemption to/from MAT] is included in this book
• [Discussions on Liability to Pay AMT] is included in this book
• [Computation of Profit & MAT] is discussed in light of the following:
o Income-tax Act 1961
o Income-tax Rules 1962
o Relevant Case Laws
• [Clause-wise Analysis of Audit Report in Form 29B] is discussed in this book
• [Clause-wise Analysis of Audit Report in Form 29C] is discussed in this book
The detailed contents of the book are as follows:
• Introduction
• Who is liable to pay MAT
• Book Profits
• Net profit as per profit and loss account
• Income-tax paid/payable/provision for income-tax
• Amounts carried to reserves
• Provisions for unascertained liabilities
• Provisions for losses of subsidiary companies
• Dividends paid or proposed
• Expenditures related to tax-free incomes
• Expenditures relatable to the share of income in AOP/BOI
• Expenditures relatable to income of foreign company taxable at less than MAT rate
• Notional loss of sponsors of REITs and InvITs on the exchange of shares in SPV for units of REIT/InvIT or due to change in the value of units or loss on the transfer of units
• Expenditures relatable to royalty income in respect of patents taxable under Section 115BBF
• Amount of depreciation
• Amount of deferred tax and provision thereof
• Amount or amounts set aside as provision for diminution in the value of any asset
• Revaluation reserve in respect of assets retired/disposed of
• Gain to the sponsor of REIT/InvIT on the transfer of units
• Withdrawals from reserves or provisions
• Tax-free income under Section 10/11/12
• Share of income from AOP/BOI of which the company is a member
• Income of foreign company taxable at less than MAT rate
• Notional gain on the exchange of shares of SPV for units of REIT/InvIT & actual gain from transfer of such units
• Loss to the sponsor of REIT/InvIT on the transfer of units
• Royalty income of patentee – Company taxable under Section 115BBF @ 10%
• Unabsorbed depreciation and loss bought forward in case of a company whose board of directors has been suspended by NCLT
• Loss bought forward (excluding unabsorbed depreciation) and unabsorbed depreciation in case of a company whose CIRP application has been admitted under the Insolvency and Bankruptcy Code
• Loss bought forward or unabsorbed depreciation
• Profits of a sick industrial company
• Amount of deferred tax credited to profit & loss account
• Adjustments to book profit required in case in Ind AS companies
• Computation of book profit of the 'resulting company' in case of a demerger
• MAT credit
• Applicability of audit under section 115JB
• Audit Report: Para 1 of Form No. 29B
• Audit Report: Para 2 of Form No. 29B
• Audit Report: Para 3 of Form No. 29B
• Audit Report: Annexure to Form No. 29B
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