Accounting Standards Interpretations 6: Accounting for Taxes on Income in the context of Section 115JB of the Income-tax Act, 1961

The issue is how AS 22 is applied in a situation where a company pays tax under section 115JB (commonly referred to as Minimum Alternative Tax) of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’). Another issue is how deferred tax is measured on the timing differences originating during the current year if the enterprise expects that these differences would reverse in a period in which it may pay tax under section 115JB of the Act.