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FORM 29B APPLICABILITY

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This query is : Resolved

Prakhar Agrawal (Querist)
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28 October 2024 Please tell that whether Form 29B is applicable on my company in the following circumstances
My Turnover 20 Crores
Profit as per Financials 88 Lakhs
Book Profit (for MAT calculation) : 36 lakhs
Tax Liability = 0 (due to set off losses of previous financial years)
Current Year MAT: 5.7 Lakhs
What is the income which should be considered while checking the eligibility of Form 29B and whether the same is applicable in this case or not

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 October 2024 For Form 29B eligibility, consider the Book Profit (₹36 lakhs) as the relevant income.
According to Section 115JB, Form 29B must be filed by companies whose income is less than 15% of their book profit. This means that if your taxable income (after adjustments) falls below this threshold, you are required to file Form 29B.

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