rebate u/s 88E and 115JB
This query is : Resolved
26 December 2008
can a company claim the benefit of stt rebate u/s 88E while paying minimum alternative tax?
26 December 2008
No
26 December 2008
Sir i am of the same view but can you please explain the logic.
27 December 2008
As per sub-section (1) of section 115JB it is the tax net of all rebates which is ultimately being paid is to be compared with the 10% of the Book Profit. The sub section states " Notwithstanding anything contained in any other provisions of this aAct.... .... the assessee on such total income shall be the amount of income tax at the rate of ten per cent". It is clear that tax computed in view of normal provisions after deducting the rebate u/s 88E is comparable with 10% of such book profit
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