Minimum Alternate Tax (MAT) - Under Schedule III of Companies Act, 2013 (Including Alternate Minimum Tax (AMT)) (Amended by Finance Act, 2023)

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Description
It gives me immense pleasure to present before the readers the ninth edition of the book "Minimum Alternate Tax under Schedule III of Companies Act, 2013 (including AMT for Other Persons)". The present book is an attempt to serve as a guide for the Corporates, Chartered Accountants, Company Secretaries, Cost and Management Accountants, Consultants and other professionals involved, directly or indirectly, in the matters pertaining to MAT and AMT.
This book is equipped with the following features:
1. Discussion of significant impact of Schedule III on specific clauses of Explanation I of section 115JB(2) of the Income-tax Act, 1961;
2. A separate chapter has been dedicated to the discussion and analysis of MAT Provisions for Ind AS compliant companies;
3. FAQs on Schedule III and prominent issues under MAT including discussion on Division II of Schedule III for Ind AS compliant companies;
4. Significant judgements on MAT have been incorporated within the relevant commentary paragraphs as well as in a separate chapter for addressing the intricate issues;
5. Illustrations have also been incorporated for understanding the provisions of MAT/AMT.
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Contents
Chapter 1       Minimum Alternate Tax (MAT) — An Introduction
Chapter 2       Net Profit as per Profit and Loss Account
Chapter 3       Income Tax Paid/Payable/Provision for Income Tax
Chapter 4       Amounts Carried to Reserves
Chapter 5       Unascertained Liabilities
Chapter 6       Provision for Losses of Subsidiary Companies
Chapter 7       Dividends paid or proposed
Chapter 8       Tax Free Incomes and Expenditures Related to them
Chapter 9       Expenditure Relatable to Share of Income in AOP/BOI
Chapter 10     Expenditure relatable to Foreign Company’s Income Taxable at less than MAT rate
Chapter 11     Notional Loss of Sponsors of REITS and INVITS on Exchange of Shares in SPV for Units     
                         of REIT/INVIT or Due to Change in Value of Units or Loss on Transfer of Units
Chapter 12     Expenditure Relatable to Resident Company’s Royalty Income from Patents Chargeable
                         to tax u/s 115BBF @ 10% (i.e. at less than MAT rate)
Chapter 13     Amount of Depreciation and Revaluation Reserve in Respect of Asset Retired/Disposed Off
Chapter 14     Withdrawals from Reserves or Provisions
Chapter 15     Loss Brought Forward or Unabsorbed Depreciation
Chapter 16     Profits of a Sick Industrial Company
Chapter 17     FAQs under MAT
Chapter 18     Rationalisation of provisions of section 115JB in line with Indian Accounting Standard (Ind-AS)
Appendix 1    Indian Accounting Standard (Ind AS) 101: First-time Adoption of Indian Accounting Standards
Chapter 19     Format of Financial Statements for Companies (Other than NBFCs) required to
                         comply with Ind-AS under Companies Act, 2013 — Division II of Schedule III
Chapter 20     FAQs on Schedule III under Companies Act, 2013
Chapter 21     Ind AS Financials Format — A Comparison with AS Financials Format
Chapter 22     Significant Accounting Standards pertinent to MAT under Income Tax Act, 1961
Chapter 23     Accounting Treatment for MAT Credit
Chapter 24     Special Provisions Relating to Certain Limited Liability Partnerships (LLP)
Chapter 25     Alternate Minimum Tax (AMT) on all persons other than companies [Section 115JC to 115JF Chapter XIIBA]
Chapter 26     Significant Judgments on MAT
Chapter 27     Levy of MAT on FIIs
Chapter 28     Illustrations on MAT
Chapter 29     Draft guidelines for computation of book profit by  Ind AS Compliant Companies
Appendix 1    Relevant Statutory Provisions
Appendix 2    Rule 40B with Form 29B
Appendix 3    Sections 115JC to 115JF
Appendix 4    Rule 40BA with Form 29C
Appendix 5    Schedule III of Companies Act, 2013
Appendix 6    Schedule II of Companies Act, 2013
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Author Details
CA. Kamal Garg [B. Com (H), FCA, DISA (ICAI)] is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and a consulting academician in KGMA, Delhi.
He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee
member of Accounting Standards Board (ASB) (2012-2013) and Ind AS (IFRS) Implementation Committee (2014-2015) of ICAI. He is also the faculty member of Ethical Standards Board (ESB) of ICAI and had an opportunity to act as a speaker in the very 1st Live Webcast held by ESB of ICAI in March 2013. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, Lectures for CA IPCC and CA Final studies, etc. Besides being a regular guest speaker for IFRS and Management Development Programmes at IBC & PKG, Mumbai, ICAI, ICSI, Direct Taxes Regional Training Institute (North-West Region) for Income Tax Inspectors training programme, he is also an author of over dozens of books including 'Guide to Tax Audit u/s 44AB', 'Foreign Direct Investments in India', 'IFRS and Ind-AS Concepts and Applications', 'Accounting Standards and IFRS', 'Auditors' Practice Manual', 'Handbook on Company's Balance Sheet and Profit & Loss
Account under Revised Schedule VI and XBRL', 'Handbook on Internal Auditing', 'Consolidated Financial Statements', 'Interim Financial Reporting', 'Guide to International Taxation', 'Understanding Goods and Service Tax (GST)', 'Professional Approach to Advanced Auditing' for CA (Final) studies and 'Systematic Approach to Auditing' for CA IPCC studies published by Bharat Law House Private Limited.