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Govt Seeks Suggestions on MAT Committee Report

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A government commit tee 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

The Economic Times, New Delhi, 29 April 2016

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