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Income tax calculation

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 September 2014 whether income tax is calculated on book profit in the case of proprietorship firm ,partnership firm and company.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 September 2014 tax is calculated as per income-tax provisions. For computation of MAT, book profits are referred to - be it proprietor, partnership, company. please refer section 115JD and 115JEE (for minimum income for MAT to apply to certain categories of assessees)
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