Govt Seeks Sug­ges­tions on MAT Com­mit­tee Re­port

The Economic Times - - Economy: Macro, Micro & More -

A gov­ern­ment com­mit­tee set up to frame the rules for com­pu­ta­tion of book profit of com­pa­nies for levy of min­i­mum al­ter­nate tax (MAT) un­der the new In­dian Ac­count­ing Stan­dards (Ind AS) has sub­mit­ted its re­port. The gov­ern­ment has called for sug­ges­tions on the rec­om­men­da­tion by May 10, 2016. Un­der the new stan­dard, which has greater fair value ac­count­ing, more un­re­alised gains and losses will get recog­nised in in­come state­ment, which could in­crease MAT prof­its. In view of this, the com­mit­tee has sug­gested rules for when such gains should be counted to­wards book prof­its. —Our Bureau

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