CBDT announces framework for computation of book profit for MAT levy

New Delhi, Aug.5 : A committee had been constituted, with the approval of the Finance Minister, to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter.

The Committee submitted its report dated 18th March, 2016 regarding the said framework. According to a CBDT statement, the above report of the Committee was placed on public domain for inviting comments from general public and stakeholders.

Subsequently, the comments received from the stakeholders were forwarded to the Committee for examination.

The Committee submitted its recommendations/suggestions vide report dated 23rd July, 2016 on the certain issues raised by stakeholders which are now placed on www.incometaxindia.gov.in The stake holders and general public are requested to furnish their comments/suggestions in respect of the recommendations/suggestions made by the Committee in its interim report dated 23rd July, 2016.

The comments/suggestions may be submitted by 20th August, 2016 at the email addresses (dirtpl3@nic.in) or by post at the following address with "Computation of book profit for Ind-AS compliant companies" written on the envelope:.

Source: ANI