January 7, 2018 2:25 AM
CBDT relaxes norms for levy of MAT on firms facing insolvency
The Central Board of Direct Taxes, CBDT has relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings. As per Section 115 JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciat...