Income Tax Sec.115JB Query (MAT)

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Devendra

Qualified Audit Assistant

180 Points Posted on 19 September 2008

Here is one query about Section 115JB of The Income Tax Act, 1961.

Suppose, while computation of tax as per the normal provisions, I came across one situation:

Business Income 100

Less: Brought Forward Losses/Unabsorbed Depreciation 30

Total Income 70

Less: Deduction u/s. 80IB @ 30% ????

Now my query is that the deduction under section 80IB is to be calculated @ 30 % on which amount,i.e., on 100 or on 70.

Please reply at the earliest.

--Devendra

Replies (7)

Late CA Sampat Jain

Chartered Accountant

4609 Points Posted on 19 September 2008

on 70

CA Ravish Trivedi

The Possibilities are Infinite...

629 Points Posted on 10 October 2008

Dear Davendra plz clear whether this 100 cr amt is only from income applicable for 80IB. If there is no other business except those covered under sec 80IB then deduction will be on 70 cr .

hitesh kumar

Chartered Accountant

62 Points Posted on 27 October 2008

dear devender deduction u/s 80IB is on 70

Guest

Posted on 06 November 2008

TDS rate for Office Equipment on hire. It will be 2%+ Surcharge + Cess (means to be deducted u/s 194c)or 10%+ surcharge + cess (to be ducted u/s 194I). The total repair and Maintenance of the Equipment is with Vendor. Pls advise.

Guest

Posted on 06 November 2008

Juzer Sadikot

CA - innovative solutions for Imports an

1014 Points Posted on 07 November 2008

Dear Dashvinder,

In your case section 194 I will be attracted and you are require to deduct 10% + surcharge (if) + cess subject to yearly ceiling limit of Rs. 1,20,000/-.

Please note below

rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—

(a) land; or

(b) building (including factory building); or

(d) machinery; or

(e) plant; or

(f) equipment; or

(g) furniture; or

(h) fittings,

whether or not any or all of the above are owned by the payee

Regards

harshil

articled assistant

22 Points Posted on 07 November 2008

Originally posted by :Devendra
"	Here is one query about Section 115JB of The Income Tax Act, 1961. Suppose, while computation of tax as per the normal provisions, I came across one situation: Business Income 100 Less: Brought Forward Losses/Unabsorbed Depreciation 30 Total Income 70 Less: Deduction u/s. 80IB @ 30% ???? Now my query is that the deduction under section 80IB is to be calculated @ 30 % on which amount,i.e., on 100 or on 70. Please reply at the earliest. --Devendra	"