Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 28th April, 2016
Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. The Committee submitted its report on 18th March, 2016 after having consultation with the Ministry of Corporate Affairs (MCA) which is now placed on www.incometaxindia.gov.in for inviting comments/suggestions from stakeholders.
To view the notification on MAT-IndAS Committee Report: Click Here
The stake holders and general public are requested to bring out issues/points which in their opinion would require further clarification/guidance. These issues/points may be submitted by 10th May, 2016 at the email addresses (firstname.lastname@example.org) or by post at the following address with “Computation of book profit for Ind-AS compliant companies” written on the envelope:
Director (Tax Policy & Legislation)-III
Central Board of Direct Taxes,
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT