“Many companies that are covered by IndAS are preparing for the potential MAT liability consequent upon the changes brought in by the Finance Act 2017 in the relevant provisions under the Income Tax Act. There may be a major impact on some companies in specific accounting treatment of issues like reversal of provisions for dividends in the financial statements and also in cases of corporate debt restructuring.”

Riaz Thingna
Director, Grant Thornton Advisory Private Limited

This article appeared in Economic Times on 27th May, 2017.