Applicablity of 115jb

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Abhishek Goyal

Abhishek Goyal (Querist)
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05 September 2013 If the corporation is registerd as an autonomus body then comment on the applicablity 115JB

Ajay Mishra

Ajay Mishra (Expert)
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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) 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 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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