CBDT Report Reg Computation Of S. 115JB Book Profit For lnd AS Compliant Companies

CBDT Report regarding framework for computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the lncome-tax Act 1961 for Indian Accounting Standards (lnd AS) compliant companies in the year of adoption and thereafter-

The Central Board of Direct Taxes (CBDT) vide order dated 8th June 2015 constituted a Committee to inter alia suggest the framework for computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 (‘ the Act’) for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. After a detailed discussion of the provisions of section 115JB of the Act, Ind AS and relevant sections of the Companies Act, 2013, the Committee has suggested a framework for computation of books profit of Ind AS compliant companies.