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115baa QUERY

ITR 144 views 1 replies

VAIDHYANATHAN PV

manager

72 Points Joined August 2012

Dear Sir

Our Company is paying Tax under Normal Tax after adjusting Carryfoward loss and payment under mat until last assessment year i.e Financial year 31-03-2021. For the Current Financial year 31-03-2022 our company has filed 29B as per the provisions laid down under section 115JB of the Income Tax Act, 1961.. After filing the form on 30th September 2022 we decided to opt for 115BAAA.

Whether it is advisable or not for filing Form10 I-C and claim under 115BAAA. Please advice

Regards

Vaidhyanathan

9677225945

Replies (1)

Vishal Nayak

26 Points Joined June 2022

If you have utilised all mat credit then you can go for 115baa but keeping in mind that few deductions shall not be allowed like under section 10aa, 32(1)(iia) etc and and deductions under chapter vi except 80jja,80la and 80m.
but unabsorbed dep not pertaing to additional dep under 32(1)(ia) and brought forward losses not pertaing to above deductions shall be allowed. for example capital gain losses and business losses. shall be allowed.