Accumulated MAT Credits – Can Legislated Texts Confine Carry-Forward – Sandeep Jhunjhunwala
In just two months, the wan smile on India Inc. has turned into a frown. The Taxation Laws (Amendment) Bill, 2019, introduced in the Lok Sabha, says the lower MAT rate will be applicable only from FY21. Only the corporate tax rate cut is applicable from this financial year. For companies, this can increase the tax outgo for FY20 over and above what they had estimated in their half-yearly financials.
Sandeep Jhunjhunwala and Chirag Nangia, Director contributed an article Accumulated MAT Credits – Can Legislated Texts Confine Carry-Forward for Taxsutra.