Whether compensation received under section 96 of RFCTLAAR ACT being exempt under the income tax act be included for calculating MAT under section 115JB of the Income tax act 1961?
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Section 96 of RFCTLAAR ACT being exempt under the income tax act
Replies (1)
While compensation under Section 96 of the RFCTLARR Act is exempt from income tax, its treatment under Section 115JB (MAT) is a subject of interpretation. While it is widely argued that it should be excluded to respect the exemption, it is not an explicitly listed deduction under Section 115JB. Professional tax advice is recommended to handle this in your specific return.
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