Section 115JB provides that to calculate book profit for Minimum alternate Tax, the amount of income to which any of the provisions of section 10 (other than the provisions contained in clause (38) thereof section 11 or section 12 apply, if any such amount is credited to the profit and loss account; shall be reduced and any expenditure incurred to earn the income exempt as above shall be added back.
(There are several other addition and reductions also to be done.)
My query is that for the purpose of this section whether the words ' section 10' include the provision of section 10AA(Special provisions in respect of newly established Units in Special Economic Zones.) also???
Please reply at the earliest.
It will be of great great help.
CAclubindia
