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CORPORATE TAXATION
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It is proposed to increase the Minimum Alternate tax (MAT) rate to 15% from existing 10% w.e.f A.Y 2010-11.
It is also proposed that the amount of tax credit shall be allowed to be carried forward and set off upto the tenth assessment year immediately succeeding the assessment year in which the tax credit becomes allowed.
It is also proposed that if any provision for dimunition in the value of assets has been debited to the profit and loss account, it shall be added to the net profit for computing book profit.
Where the Assessing Officer proposes to pass an order of transfer pricing adjustment in respect of any foreign company or any person, which is prejudicial to the interest of such assessee, then the Assessing Officer is required to forward a draft of the proposed order of assessment. Within 30 days of the receipt of the draft order, the assessee shall file his acceptance or objection to the Dispute Resolution Panel and the Assessing Officer. The Assessing Officer shall pass the assessment order within one month from the end of the month in which the acceptance is received or on the expiration of the period of filing of objections. |
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Office
address: 611/612, Raikar Chambers,
Shankeshwar Parshwanath Marg, Deonar,
Mumbai - 400088.
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