The Finance Act, 2017 provided a separate formulae for computation of book profit for the companies that prepare financial statements under Ind AS.
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.
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:
In our special session of Voices on Reporting webinar held on 3 August 2017, we provided an overview of the above mentioned developments.
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