Whether the expression occuring in section 115JB "the income-tax, payable on the total income as computed under this Act" may be interpreted as 'income-tax payable before rebate u/s 88E'
OR
The legislature had meant it as 'income-tax payable after rebate u/s 88E'
In other words the Tax Payable as referred to in Section 115JB is the tax payable after rebate u/s 88E or before that. The query is related to AY 2006-07 & 2007-08.
Please apprise if any Case Law has been decided on the issue.
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MAT Vs Rebate U/S 88E
Replies (1)
It is Income Tax after rebate u/s 88E.. It is very much clear since the MAT liability arises only when the 'normal tax payable' under the IT Act exceeds 10% of Book Profits..
Normal Tax payable under the Income Tax Act cannot be arrived at unless rebate u/s 88E is given.
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