zero tax

Charge under section 115JB is to be determined with reference to 7.5 per cent of book profits; the process of determination of book profit is to be preceded with the comparison of liability for income-tax under normal provisions of income-tax which may be nil also; the income-tax payable cannot be circumscribed by positive figure only and, therefore, to say that those companies where income-tax payable being Rs. 1/- would be covered and not the Zero tax companies, would .. Full Article