The government has announced relaxation in the provisions relating to levy of minimum alternate tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016.
The existing provisions of section 115JB of the Income-tax Act, 1961, inter alia, provide that for the purposes of levy of minimum alternate tax (MAT) in case of a company, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account, shall be reduced from the book profit.
The decision follows representations received from various stakeholders that the companies against whom an application for corporate insolvency resolution proces…
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