115jb
This query is : Resolved
28 November 2012
Dear Professionals
What is sec 115jb in brief
thanking you
What is sec 115jb in brief
thanking you
28 November 2012
https://www.caclubindia.com/experts/section-115jb-of-income-tax-act--378515.asp
Please follow the link.
Please follow the link.
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CA PARAS BAFNA
(Expert)
28 November 2012
Section 115JB deals with the provisions of
Minimum Tax which a company has to pay.
.
In spite of the fact that the company is making profits, declaring dividends, still not becomes liable to pay tax due to various tax concessions and incentives.
.
Such a company is required to pay minimum tax @ 18.5% of its book profit (which is computed in accordance with the provisions of Companies Act, and after making certain adjustment as per Income Tax Act).
.
In future credit is available against such tax when company becomes liable to pay tax at regular rates.
Minimum Tax which a company has to pay.
.
In spite of the fact that the company is making profits, declaring dividends, still not becomes liable to pay tax due to various tax concessions and incentives.
.
Such a company is required to pay minimum tax @ 18.5% of its book profit (which is computed in accordance with the provisions of Companies Act, and after making certain adjustment as per Income Tax Act).
.
In future credit is available against such tax when company becomes liable to pay tax at regular rates.
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28 November 2012
In simple terms, every company is required to pay a tax which is higher of the two:
1. Income tax computed as per the normal provisions of the Act.
2. 18.5% of the book profits as computed u/s 115JB(1).
1. Income tax computed as per the normal provisions of the Act.
2. 18.5% of the book profits as computed u/s 115JB(1).
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