Applicablity of 115jb
This query is : Resolved
05 September 2013
Corporation is formed as a autonomous body then 11in applicable or not
06 September 2013
Hi
The provisions of this chapter are applicable only to Companies and not to any other assessee like Individual , HUF, Partnership Firm, etc. This is only covered company only not an autonomous body.
115JB. (1) Notwi thstanding 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 Apr i l , 2010, is less than f i f teen per cent of i ts book profit , such book prof i t 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 f i f teen per cent .
The provisions of this chapter are applicable only to Companies and not to any other assessee like Individual , HUF, Partnership Firm, etc. This is only covered company only not an autonomous body.
115JB. (1) Notwi thstanding 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 Apr i l , 2010, is less than f i f teen per cent of i ts book profit , such book prof i t 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 f i f teen per cent .
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