Applicablity of 115jb
This query is : Resolved
05 September 2013
If the corporation is registerd as an autonomus body then comment on the applicablity 115JB
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 .
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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