The Income Tax Department has relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings.
With effect from assessment year 2018-19 (FY2017-18), in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority under…the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under section 115JB of the Act, it said. This is to minimise hardships faced by such firms, said the Central Board of Direct Taxes.
Read the full article at: http://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/mat-relief-to-firms-facing-insolvency/article22389523.ece
