Income-tax Act, 1961

Special provision for payment of tax by certain companies.

115JB. (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2012, is less than eighteen and one-half per cent of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of eighteen and one-half per cent:

Provided that for the previous year relevant to the assessment year commencing on or after the 1st day of April, 2020, the provisions of this sub-section shall have effect as if for the words "eighteen and one-half per cent" occurring at both the places, the words "fifteen per cent" had been substituted.

(2) Every assessee,-

(a)	-	being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its statement of profit and loss for the relevant previous year in accordance with the provisions of Schedule III to the Companies Act, 2013 (18 of 2013); or
(b)	-	being a company, to which the .... To read the full section download the app from Google Play store Latest Job Openings View all 18 May 2026 MIS Executive Primarc Pecan Retail Limited Mumbai B.Com View Details 19 May 2026 Article, CA & Paid Assistant Positions Aggarwal Sarawagi and Co New Delhi CA View Details 07 May 2026 CA Assistant amit desai and co Mumbai CA Final View Details 26 April 2026 Chartered Accountant Source HR Mumbai CA View Details ARTICLESHIP 30 April 2026 Article Assistant J SINGH & ASSOCIATES Ahmedabad CA Inter View Details ARTICLESHIP 27 April 2026 CA Articled Assistant GM Corporate Solutions Noida CA Final View Details 06 May 2026 Account Assistant / Article Clerk V.K. Ranjan & Co(Chartered Accountants) New Delhi B.Com View Details 16 May 2026 Audit clerk mgirt & co Bengaluru CA Inter View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register