Income tax calculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2014
whether income tax is calculated on book profit in the case of proprietorship firm ,partnership firm and company.
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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