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

Jinesh Shah (freelancing, industry) (105 Points)

25 September 2013

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?

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4 Replies

Prashant Kini (Article Assistant) (154 Points)
Replied 25 September 2013

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

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krishna (artical student) (22 Points)
Replied 29 September 2016

ya its correct

Divyansh Jain (Partner) (24 Points)
Replied 26 August 2017

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’.