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TMI BlogSpecial provision for minimum alternate tax and alternate minimum tax.X X X X Extracts X X X X X X X X Extracts X X X X ..... pany, other than a unit as referred to against serial number 2. 15% of book profit. 2. A unit, being a company located in an International Financial Services Centre and derives its income solely in convertible foreign exchange. 9% of book profit. 3. A person, other than-- (a) a company; (b) a co-operative society; (c) a unit as referred to against serial number 4. 18.5% of adjusted total income. 4. A unit, being a person other than a company located in an International Financial Services Centre and derives its income solely in convertible foreign exchange. 9% of adjusted total income. 5. A co-operative society. 15% of adjusted total income. Note 1:-Adjusted total income, for the purposes of Sl. Nos. 3, 4 and 5 shall be the total income before giving effect to this section, as increased by deductions claimed, if any, under- (a) any section (other than section 149) included in Chapter VIII-C; (b) section 144; and (c) section 46 as reduced by depreciation allowable as per the provisions of section 33, as if no deduction was allowed in respect of the assets on which the deduction under that section is claimed. (2) The book profit under this section shall be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here,-- (i) any such amount is credited to the statement of profit and loss (excluding a reserve created before the 1st April, 1997 otherwise than by way of a debit to the statement of profit and loss); and (ii) the book profit of such year has been increased by those reserves or provisions out of which the said amount was withdrawn; (b) income to which any of the provisions of section 11 apply or any regular income of a registered non-profit organisation referred in section 335, if any such amount is credited to the statement of profit and loss; (c) depreciation debited to the statement of profit and loss excluding the depreciation on account of revaluation of assets; (d) the amount withdrawn from revaluation reserve and credited to the statement of profit and loss, to the extent it does not exceed depreciation on account of revaluation of assets referred to in clause (c); (e) deferred tax, if any such amount is credited to the statement of profit and loss; (f) loss brought forward (excluding depreciation) or unabsorbed depreciation, whichever is less, as per books of account, except, where either of such amount is nil, in case of a company other than the company referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statement of profit and loss. Note: The amount representing-- (a) the notional loss on transfer of such capital asset, to a business trust in exchange of units allotted by the trust referred to in section 70(1)(zi); or (b) the notional loss resulting from any change in carrying amount of the said units; or (c) the loss on transfer of units referred to in section 70(1)(zi). 4. A company, which has transferred any capital asset, as referred to against serial number 3 Gain on transfer of units referred to in Note Loss on transfer of units referred to in Note. Note: Units referred to in section 70(1)(zi), computed by taking into account the cost of the shares exchanged with units referred to in the said clause, or the carrying amount of the shares at the time of exchange, where such shares are carried at a value other than the cost through statement of profit and loss, as the case may be. 5. Where total income includes income by way of royalty in respect of a patent which is chargeable to tax under section 194(1)(Table: Sl. No. 2). The amount or amounts of expenditure relatable to such royalty income, if any such amount is debited to the statement of profit and loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if such amount is not increased; (f) the amount or the aggregate of the amounts referred to in Note 4, if such amount is not increased. Note 1: Other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss", excluding- (i) revaluation surplus for assets as per the Indian Accounting Standards 16 and Indian Accounting Standards 38; or (ii) gains or losses from investments in equity instruments designated at fair value through other comprehensive income as per the Indian Accounting Standards 109; and the amount or the aggregate of the amounts referred to in clause (a) (i) and (ii) for the tax year or any of the preceding tax years, and relatable to such asset or investment, in the tax year in which the said asset or investment referred to in clause (a) is retired, disposed, realised or otherwise transferred. Note 2: on distribution of non-cash assets to shareholders in a demerger as per Appendix A of the Indian Accounting Standards 10. Note 3: sub-section (19)(f)(ii) to (v) relatable to such asset or investment, in the tax year in which the asset or investment referred to in such sub-clauses is retired, d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rger, any change in such value shall be ignored for the purpose of computation of book profit of the resulting company under this section. (8) In the case of an assessee being a company, where-- (a) there is an increase in book profit of the tax year due to income of past year or years included in the book profit on account of-- (i) an advance pricing agreement entered into by the assessee under section 168; or (ii) a secondary adjustment required to be made under section 170; and (b) the assessee has not utilised the credit of tax paid under this section in any subsequent tax year under sub-section (13), the Assessing Officer shall, on an application made to him in this behalf by the assessee,-- (i) recompute the book profit of the past year or years and tax payable, if any, by the assessee during the tax year under sub-section (1) in such manner, as prescribed; and (ii) the provisions of section 287 shall, so far as may be, apply and the period of four years specified in sub-sections (7) and (8) of that section shall be reckoned from the end of the tax year in which the said application is received by the Assessing Officer. (9) Irrespective of anything contained in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the tax which would have been payable under the provisions of sub-section (1) for that tax year, and such carry forward shall not be allowed beyond the fifteenth tax year immediately succeeding the tax year in which the tax credit becomes allowable under sub-section (13). (16) Where as a result of any order passed under this Act, tax payable under this Act is reduced or increased, tax credit allowed under sub-section (13) shall also be increased or reduced accordingly. (17) In case of conversion of a private company or unlisted public company into a limited liability partnership under the Limited Liability Partnership Act, 2008 (6 of 2009), the provisions of this section shall not apply to the successor limited liability partnership. (18) The provisions of this section shall not apply to-- (a) a person, being a company having income accruing or arising from life insurance business referred to in section 194(1)(Table: Sl. No. 6); or (b) a person, who has exercised the option under-- (i) section 200(5); or (ii) section 201(2); or (iii) section 203(5); or (iv) section 204(2); or (c) a person, whose income-tax payable in respect of the total income of such person is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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