close
Share with your friends

Special session: Webinar on FAQs on computation of book profit for levy of MAT and proposed amendment to Section 115JB

Special session: Webinar on FAQs

The Finance Act, 2017 provided a separate formulae for computation of book profit for the companies that prepare financial statements under Ind AS.

1000

Also on home.kpmg

vor-mat-icds-section-115jb-faq

Background

The Finance Act, 2017 provided a separate formulae for computation of book profit for the companies that prepare financial statements under Ind AS. Accordingly, MAT would be calculated using the profits as per the statement of profit and loss before Other Comprehensive Income (OCI), as the starting point. The Finance Act, 2017 also provides certain adjustments to book profits for MAT computation.

New developments

The CBDT received a number of queries on various aspects of computation of MAT under Ind AS. These matters were referred to an expert committee. On 25 July 2017, CBDT issued the following circulars:

  • Clarifications in the form of Frequently Asked Questions (FAQs) on issues relating to the levy of MAT for Ind AS compliant companies
  • Proposal for amendment to Section 115JB of the IT Act in relation to Ind AS compliant companies

In our special session of Voices on Reporting webinar held on 3 August 2017, we provided an overview of the above mentioned developments.

 

Downloads:

Slide deck - August 2017 (PDF, 526 KB)

© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal