10
Monday
December 2018
4:00 PM IST
News Headlines
1st Test: India in cruise control as Australia reduced to 104/4 chasing 323        Over 16000 runners take part in Pune Half Marathon        India's coal output up 10% to 156 MT during Apr-Nov        Iran arrests 10 over suicide attack on police        Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes        Can special consideration be shown to man with skin disorder: HC asks Centre        BJP files caveat in SC over 'rath yatra' in WB        'Won't hesitate from another surgical strike if need arises'        Kohli booed by Australian fans, Head, Ponting critical of crowd behaviour        Pujara, Rahane put India in driver's seat        Prabhu links creativity & business opportunities to cheap beverages in Goa        Merkel gets boost with ally's party win        Rouhani warns weakened Iran less able to fight trafficking        More than 225 terrorists killed in J&K so far this year: Army        Glad key people shedding fear, breaking silence on govt decisions: Chidambaram        Modi used surgical strikes for 'political capital': Rahul        Krishnamurthy Subramanian appointed as Chief Economic Advisor for 3 years        Indian Super League: Kerala Blasters' Hopes Hanging By A Thread After Defeat Against Pune City        31st GST Council to meet on Dec 22 in Delhi        Trump may nominate Heather Nauert as UN Ambassador: Reports        
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Business News
CBDT relaxes norms for MAT on firms facing insolvency
 
New Delhi, Jan 6 (PTI) The Income Tax Department today relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings.

As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less.

"With effect from assessment year 2018-19 (FY2017-18), in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority under...the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under section 115JB of the Act," it said.

This has been done to minimise the genuine hardships faced by such companies, said the Central Board of Direct Taxes (CBDT).

Lenders of those companies, which have defaulted on loans, have been approaching the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.


India's coal output up 10% to 156 MT during Apr-Nov
Prabhu links creativity & business opportunities to cheap beverages in Goa
31st GST Council to meet on Dec 22 in Delhi
Cabinet Approves Policy to Double Farm Exports to $60 Billion by 2022
RBI keeps key rates unchanged
NTPC wins 85 MW solar capacity in UP Govt tender
Maintain status on currency management, HC tells SBI
Amway India enters herbal skincare space
New 2018 Maruti Suzuki Ertiga Launched In India, Prices Start At ? 7.44 lakh
Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report
Air India eyes Rs 800 cr from sale of over 70 properties
Intel India opens design house costing Rs 1,100 cr at B'luru
Sensex rebounds 332 pts on easing crude, rupee gains
Govt mulls second round of 2,500 MW medium-term PPA auction
India invites Swedish companies to explore investment opportunities
Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
Indian norms on PCA, capital are conservative, rule-based: SBI
SBI back in black on credit growth
TN transport employees threaten to go on strike
KERALA NEWS
Activist Rehana Fathima, Who Attempted Sabarimala Trek, Arrested Over Facebook Post
 (Kochi, Nov 28, 2018): Model and activist Rehana Fathima, who tried to reach Kerala's Sabarim  
Good news for Keralite Nurses: IELTS cut-off reduced to 6.5
BJP leader K Surendran, 71 others granted bail
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
INTERNATIONAL NEWS
Iran arrests 10 over suicide attack on police
 Tehran, Dec 9 (AFP) Iranian police said Sunday that 10 people had been arrested in connection with a
Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes
Merkel gets boost with ally's party win
Rouhani warns weakened Iran less able to fight trafficking
NATIONAL NEWS
Can special consideration be shown to man with skin disorder: HC asks Centre
 New Delhi, Dec 9 (PTI) The Delhi High Court has asked the Centre whether a man suffering from a rare
BJP files caveat in SC over 'rath yatra' in WB
More than 225 terrorists killed in J&K so far this year: Army
Glad key people shedding fear, breaking silence on govt decisions: Chidambaram
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