Sir
One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E.
Facts
In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay.
In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income
Issue
In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit?
Solution: tax after or before deduction u/s 88E
Regards
Akashdeep Singh
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Query relating to Sec 88E and Sec 115JB
Replies (3)
| Originally posted by :Akashdeep Singh | ||
| " | Sir One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E. Facts In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay. In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income Issue In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit? Solution: tax after or before deduction u/s 88E Regards Akashdeep Singh |
" |
As per section 115JB, tax to be computed as per normal provisions of the Act shall be tax after rebate u/s 88E and tax credit u/s 86,90 & 91. Hence, its normal tax liability after rebate u/s 88E which must be compared with 10% of the Book profit
hi all frds
For section 115JB
what is the meaning of unabsorb depreciation and b/f loss
pls any one explain me
thanks
Hi friend,
Just go to the page www.vrnanda.blogspot.com.
I have posted answer to your question there as a post.
yours,
V R Nanda.
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