Applicability of form no. 29b, ie audit report on mat

Hi everyone,

Would like your help on this one.

In case of a Private limited company paying tax on income calculated as per the normal provisions of the act and NOT the provisions of Section 115JB is MAT audit report under in the form 29B compulsory to be filed?

And if yes how will it be filed keeping in mind the new e-filing provisions?

Replies (4)
Audit Report in Form 29B is required to be filed only in case tax is paid as per provisions of 115JB. Where tax is paid under normal provisions of the Act, Audit Report in Form 29B is not required

ya its correct 

Is it compulsory to submit ‘Form 29B’, even if tax is paid as per normal provision of IT act?

Sub-section 4 of Section 115JB provides that every Company to which section 115JB applies shall furnish a report certifying that the book profit has been computed in accordance with the provisions of this section along with the return of income. Sub-section 5A to Section 115JB provides that the section 115JB is not applicable to income from life insurance business. Therefore, ‘Form 29B’ has to be filed in all cases, other than the cases covered u/s 115JB(5A). Even if normal tax is more than the tax payable u/s 115JB, Form 29B is necessary to show that tax payable u/s 115JB is less than normal tax. However, if you disagree, ignore the warning and click on ‘Generate e-return’.

If a assessee pays tax as per normal provisions, but takes mat credit in the IT return. 

Whether in this case form 29B is required to be filed.
Please advise.

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