NEW DELHI: Keen to minimise hardship faced by companies going in for insolvency resolution, the government will from financial year 2017-18 allow a company to reduce amount of total loss brought forward including unabsorbed depreciation from the book profit for the purposes of levy of minimum alternate tax.
This facility would be available only for companies against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority.
Appropriate legislative amendment in this regard will be made in due course, a Central Board of Direct Taxes statement said on Saturday.
An amendment to this effect is to be made in the section 115 JB of the Income Tax Act in the upcoming budget. ET …
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