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?

CA Ketan Jain

CA Ketan Jain (Expert)
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01 November 2010 Yes, ABC Ltd. will be liable to pay surcharge.

CA Punit

CA Punit (Expert)
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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

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sucharge on tax u/s 115JB of the income tax act, 1961. (MAT

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