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 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Income tax return change regime form necessary or not?
- EXEMPTION OF LONG TERM GAIN UNDER SECTION 54F
- Resignation of auditor and appointment and cfss
- Refund of Rs.4,00,000/- pursuant to Appeal Order – Deceased Proprietor & Closed Bank Account
- Machinery taking back from repair work shop
- Processing delay
- TAX TREATMENT OF COMMODITY
- REGARDING TURNOVER LIMIT
- Rebate U/S 87A on Short Term Capital Gain on Sale Of Property .
- Stop filling ITR
- Clarification on 15% Saudi Withholding Tax and Refund Eligibility
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
