Framework proposed by MAT- Ind AS Committee
KPMG in India is pleased to present Voices on Reporting – a monthly series of knowledge sharing calls to discuss current and emerging issues relating to financial reporting.
In this month’s call, we provided an overview of the proposals issued by the MAT – Ind AS Committee on 5 August 2016.
On 18 March 2016, the Minimum Alternate Tax (MAT) - Indian Accounting Standards (Ind AS) Committee (the Committee) had issued a report proposing a framework for computation of book profits for Ind AS compliant companies (the Framework) for the computation of book profit for the purpose of levy of MAT under Section 115JB of the Income Tax Act, 1961 (the IT Act).
In this report (issued on 18 March 2016) the Committee had made the following key recommendations:
Based on several responses received from the stakeholders, the Committee through a press release dated 5 August 2016 issued further recommendations with respect to the following issues:
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