EXEMPTION / DEDUCTION REMOVED
- Scope of MAT extended to cover Income exempted under section 10A and 10B i.e. such income would now be included in computation of Book Profits under section 115JB
- Capital assets to include personal effects like archaeological collections, drawings, paintings, sculptures and any work of art. Transfer of any such asset to attract capital gains tax.
- Deduction under section 36(1)(viii) available to certain companies in respect of amount transferred to a Special Reserve to be restricted to 20% of profits each year.
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