Interest on Tax U/s 115JB
This query is : Resolved
18 September 2008
A company has Loss calcualted as per normal porvisions but Tax as per section 115JB.Does the provisions of Sec.234B&C apply in such a case.
Thank you
Thank you
18 September 2008
A company has Loss calcualted as per normal porvisions but Tax as per section 115JB.Does the provisions of Sec.234B&C apply in such a case.
Thank you
Thank you
18 September 2008
YES .INTEREST PROVISIONS APPLY.
Late CA Sampat Jain
(Expert)
18 September 2008
In case of section 115J cases - Interest is not leviable under sections 234B and 234C in the case of assessment of a company on the basis of book profits under section 115J - CIT v. Kwality Biscuits Ltd. [2006] 155 Taxman 658 (SC).
CA Pawan Goswami
(Expert)
18 September 2008
Yes, Sec. 234A/B/C will apply
19 September 2008
Sampat jain sab
Circular 13/2001 also says interest provision is applicable.
Circular 13/2001 also says interest provision is applicable.
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