115JB Income tax
This query is : Resolved
17 July 2008
In case the tax payable by a company on the total income computed for an Assessment year is less than 10% of the book profits then the tax paybale will be 10% of such book proft and as such section 115JB becomes applicable.
CA. Sahendra Jaiswar
(Expert)
17 July 2008
When the company is not making profit or making less profit and it's tax liability is less than 10% of the book profit, then the Section 115JB i.e. MAT is applicable and at least 10% including Surcharge, Education cess and Secondary Education Cess is payable.
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