Query relating to Sec 88E and Sec 115JB

This query is : Resolved

CA CS Akashdeep Singh (Querist)
Follow

07 December 2008 Sir

One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E.

Facts

In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay.

In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income

Issue

In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit?

Solution: tax after or before deduction u/s 88E

Regards

Akashdeep Singh

CA Mani

CA Mani (Expert)
Follow

07 December 2008 Tax on total income is before deduction u/s.88E.

Tax on total income is tax calculated at the applicab;e slab rates.
Tax on TI (-) S.88E, Adv tax etc. = Tax payable.

So, compare befor 88E.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vidit Ratanghayra

CA Varun Gupta

Pawan Haryani

Naresh Dhawan

Tanishka Khandelwal

Subscribe Now

Query relating to Sec 88E and Sec 115JB

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

Article Assistant