The definition of the terM AND EXPRESSION 'Tax Payable' as mentioned in Section 115JB of the Income Tax Act, 1961 has not been given anywhere in the Act.
In the case of a Company dealing in shares, a huge amount of STT was paid during FY 2006-07(AY 2007-08).
The company is elegible for a Rebate under section 88E and after claiming the rebate the tax liability is NIL.
Whether such rebate may be claimed from the MAT of 7.5% of the book profits. In other words the term Tax Payable as given in Section 115JB means the tax after rebate under section 88E or before that.
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