Calculation of book profits u/s 115jb
This query is : Resolved
07 August 2012
While calculating Book Profits u/s 115JB , the income exempt u/s 10A is to be subtracted or not ?
I have read the ready reckoner , there it has been mentioned that "Income exempt u/s 10A upto A.Y 2007-2008"..What is the meaning of this line ?
Could we subtract this income only upto A.Y 2007-08 & not now ? Plz reply with reasons ?
I have read the ready reckoner , there it has been mentioned that "Income exempt u/s 10A upto A.Y 2007-2008"..What is the meaning of this line ?
Could we subtract this income only upto A.Y 2007-08 & not now ? Plz reply with reasons ?
07 August 2012
Yes income exempt u/s 10A & 10B deducted up to A.Y. 2007-08.
Now you can deduct u/s 10,11,12 if income credited to P&L a/c.
Now you can deduct u/s 10,11,12 if income credited to P&L a/c.
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07 August 2012
while calculating the book profits under section 115jb, the profits from units u/s 10A can be deducted only till AY 2007-08
After that MAT needs to be paid even on profits u/s 10A.
However, this questions becomes academic since benefit u/s 10A is no longer available
After that MAT needs to be paid even on profits u/s 10A.
However, this questions becomes academic since benefit u/s 10A is no longer available
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08 August 2012
In my case , the client has credited the income covered u/s 10A to the Profit & Loss Account.
And the respective expenses have also been debited to the P/L Account.
So , while calculating book profits u/s 115jb , Do i need to adjust these two ?
Whenver i check the method of calculating book profits under above section on Internet , i nowhere found these words " Upto A.Y 2007-08 " but these words are appearing in Ready reckoner...
And the respective expenses have also been debited to the P/L Account.
So , while calculating book profits u/s 115jb , Do i need to adjust these two ?
Whenver i check the method of calculating book profits under above section on Internet , i nowhere found these words " Upto A.Y 2007-08 " but these words are appearing in Ready reckoner...
08 August 2012
can you please tel me to which year this corresponds to
If it pertain to 2007-08 or before, then both expenditure and income needs to be eliminated. otherwise you need not eliminate
Please look at clause(f) explanation 1 to section 115JB. you have number 84 with * mark. Just go to that reference you would be able to find out
If it pertain to 2007-08 or before, then both expenditure and income needs to be eliminated. otherwise you need not eliminate
Please look at clause(f) explanation 1 to section 115JB. you have number 84 with * mark. Just go to that reference you would be able to find out
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08 August 2012
Sir , it pertains to A.Y 2010-11 , Thank you so much Sir for your Answer ...
06 August 2023
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