As per provisions of Sec-115JB of Income tax Act, inter-alia, lower of brought forward business loss and unabsorbed depreciation as per books shall be deducted. Under the Revised Schedule VI the loss is shown under Reserves and Surplus. In this scenario, how to account the losses and what effect should be given in the subsequent year.
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Sec-115jb
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Do we have to compare income tax as per normal rates and income tax as per this section(MAT/AMT)?? And wat exactly are the items included in 115jb?
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