sucharge on tax u/s 115JB of the income tax act, 1961. (MAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2010
ABC Ltd has book-profits and total income for the Previous Year 2009-10 as below:
Book profits: Rs.150 lakh
Total income Rs.70 lakh
In this case, the provisions of section 115JB shall be applicable as the tax on total income (70*30%= 21 lakh) is less than 15% of books profits (150*15% = 22.5 lakh). So the tax payable by the company shall be Rs.22.5 lakh.
Now my query is that, whether ABC Ltd shall be liable to surcharge @ 10% on the tax payable or not?
Book profits: Rs.150 lakh
Total income Rs.70 lakh
In this case, the provisions of section 115JB shall be applicable as the tax on total income (70*30%= 21 lakh) is less than 15% of books profits (150*15% = 22.5 lakh). So the tax payable by the company shall be Rs.22.5 lakh.
Now my query is that, whether ABC Ltd shall be liable to surcharge @ 10% on the tax payable or not?
CA Ketan Jain
(Expert)
01 November 2010
Yes, ABC Ltd. will be liable to pay surcharge.
01 November 2010
right..
income under 115JB (when appl) shall be deemed to be the total income for the purpose of the act
eg. levy of surcharge
income under 115JB (when appl) shall be deemed to be the total income for the purpose of the act
eg. levy of surcharge
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