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ONGC sticks to old tax regime for MAT credit


ONGC sticks to old tax regime for MAT credit
A switch to the new tax regime, which offers a corporate income tax rate of 22 per cent, would require the company to give up this accumulated tax credit.
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By Express News Service
CHENNAI:  State-run oil explorer Oil and Natural Gas Corporation (ONGC) has stuck to paying taxes under the old corporate tax regime due to a “substantial” amount of unutilised MAT tax credit available. 
A switch to the new tax regime, which offers a corporate income tax rate of 22 per cent, would require the company to give up this accumulated tax credit since they cannot be carried over into the new tax regime.  ....

Tamil Nadu , Natural Gas Corporation , News Service , Express News , Minimum Alternate Tax , தமிழ் நாடு , இயற்கை வாயு நிறுவனம் , செய்தி சேவை , எக்ஸ்பிரஸ் செய்தி , குறைந்தபட்சம் மாற்று வரி ,

Can a global minimum corporate tax be a game-changer for India?


Can a global minimum corporate tax be a game-changer for India?
The need of the hour is to have a stable tax system so that governments do not lack revenue and there is no obstacle in providing necessary social services and infrastructure
Dr. Ashwani Mahajan | April 19, 2021 | Updated 00:51 IST
If we are trying to create a global consensus on the corporate tax rate, international consensus on MAT is also equally important
A few years ago, the then Finance Minister of India, Arun Jaitley, announced in the Union Budget that the tax rate on companies that do not avail exemptions will be only 25 per cent instead of the prevailing rate of 30 per cent. ....

Republic Of , United States , South Korea , Nirmala Sitharaman , Janet Yellen , Arun Jaitley , Donald Trump , Joe Biden , Union Budget , Finance Minister , President Joe Biden , Secretary Janet Yellen , Corporate Tax , Global Minimum Corporate Tax , Minimum Alternate Tax , Fm Sitharaman , Corporate Profits , Government Revenues , குடியரசு ஆஃப் , ஒன்றுபட்டது மாநிலங்களில் , தெற்கு கொரியா , அருண் ஜெய்ட்லி , டொனால்ட் துருப்பு , ஓஹோ பிடென் , தொழிற்சங்கம் பட்ஜெட் , நிதி அமைச்சர் ,

A contentious issue of MAT credit after amalgamations and demergers


A contentious issue of MAT credit after amalgamations and demergers
Throughout its existence, numerous provisions dealing with business reorganisation have been inserted in the Income-tax Act, 1961 (‘the IT Act’) by the Legislature to promote economic growth, industrialisation and infrastructure development.
Two of the most important provisions in this regard relate to amalgamations and demergers, which have been made exempt from tax under the IT Act subject to the fulfilment of certain conditions. However, while statutory provisions have been laid down to govern various aspects of these modes of business reorganisation, one significant aspect which is yet to be addressed through legislative intervention is whether Minimum Alternate Tax (‘MAT’) credit of the predecessor company can be transferred to the amalgamated or resulting company. ....

Supreme Court , High Court , Income Tax Act , Minimum Alternate Tax , Income Tax Appellate Tribunal , Income Tax Department , Contentious Issue , Mat Credit , உச்ச நீதிமன்றம் , உயர் நீதிமன்றம் , வருமானம் வரி நாடகம் , குறைந்தபட்சம் மாற்று வரி , வருமானம் வரி மேல்முறையீடு தீர்ப்பாயம் , வருமானம் வரி துறை , பாய் கடன் ,