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Corporate Tax Rate Applicable for AY 2021-22, AY 2022-23 & AY 2023-24

Income Tax : Understand Corporate Tax Rates for AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. Learn about exemptions, conditions, and implic...

June 29, 2023 200955 Views 1 comment Print

Deferred tax Considered under MAT as per 115JB?

Income Tax : The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-...

October 16, 2020 36683 Views 0 comment Print

Corporate Tax Rate Applicable for AY 2019-2020 & AY 2020-2021

Income Tax : Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the...

December 28, 2019 46497 Views 1 comment Print

Section 115J, 115JA & 115JB may ultra vires Constitution of India & Income-tax Act, 1961

Income Tax : CA Dev Kumar Kothari Section 115J, 115JA and 115JB may be ultra vires the Constitution of India and the Income-tax Act,1961 –...

July 14, 2013 25849 Views 0 comment Print

Rejection of books of Accounts – Section 145(3) – Issues & Case Laws

Income Tax : Section 145 of the Income Tax Act 1961, lays down that income chargeable under the head “Profit and gains of business or profess...

April 19, 2013 75067 Views 0 comment Print


Latest News


Guidance Note on Report under section 115JC of Income-tax Act, 1961

Income Tax : The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability par...

August 23, 2013 7985 Views 0 comment Print

In revised DTC MAT proposed to be computed on book Profits and not on Gross Assets

Income Tax : The revised discussion paper on DTC, released on 15.05.2010, has addressed the concerns on all the nine areas that were brought to...

June 23, 2010 303 Views 0 comment Print

Budget 2010-11: Change in Income tax provisions on Conversion of a private company or an unlisted public company into a LLP

Income Tax : The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnersh...

February 27, 2010 1093 Views 0 comment Print

IT department claimed Rs 30,000 crore from companies that violated MAT provisions

Income Tax : Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. So...

January 2, 2010 538 Views 0 comment Print

MAT will be eased for infrastructure companies in new DTC

Income Tax : The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of re...

December 15, 2009 585 Views 0 comment Print


Latest Posts in Book Profit

Corporate Tax Rate Applicable for AY 2021-22, AY 2022-23 & AY 2023-24

June 29, 2023 200955 Views 1 comment Print

Understand Corporate Tax Rates for AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. Learn about exemptions, conditions, and implications for companies. Stay informed for effective tax planning.

Exclude CSR expenses to book profit for computing book profit u/s 115JB

January 16, 2023 348 Views 1 comment Print

CIT(A) erred in confirming addition of CSR expenses to book profit, when there is no such requirement to adjust the same while computing book profit as per section 115JB

Advance from customers cannot be added in computation of Book Profit

January 6, 2023 1563 Views 0 comment Print

ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as income of subsequent financial years, then the same needs to be recognized as income as and when such income accrues to the assessee.

Receipt not in character of Income to not form part of book profit under Section 115JB

September 14, 2022 381 Views 0 comment Print

PCIT-4 Vs Krishi Rasayan Exports Pvt. Ltd (Calcutta High Court) Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ? Identical issue was also considered by this Court in […]

Section 14A disallowance not considerable in Section 115JB book profit computation

August 18, 2022 2394 Views 0 comment Print

ITAT held that no disallowance of expenses can be made in respect of exempt income by invoking the provisions of s. 14A of the Act r/w Rule 8D of the Rules while computing book profit u/s. 115JB of the Act.

Deferred tax Considered under MAT as per 115JB?

October 16, 2020 36683 Views 0 comment Print

The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the Act. Book profits, for this purpose, needs to be calculated by making certain specified adjustments to the net profit as shown in the profit & loss account prepared in accordance with the Companies Act and after taking into account accounting policies and accounting standards adopted for preparing such accounts.

Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

August 26, 2020 2394 Views 0 comment Print

The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?

Section 115JB Doesn’t Envisage Enhancement of Taxable Profits by Adding Loss incurred in Redemption of MF

August 14, 2020 1212 Views 0 comment Print

Whether upward adjustment to book profit under section 115JB of the Act, by treating the loss on purchase and redemption of mutual funds as expenditure relatable to earning exempt income is justified in law?

Section 234B & 234C Interest on Book Profit Not Justified

July 12, 2020 4695 Views 0 comment Print

The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?

Book profit | Section 10A deduction | HC refers matter back to ITAT

June 4, 2020 1002 Views 0 comment Print

The tribunal has held that net profits have to be determined as per the provisions of the companies Act and thereafter, the adjustments have to be made. It has further been held that the assessee cannot adjust the books of profit except as provided under the companies Act.