Please Help: Tax u/s 115JB
Posted Date : 10-Apr-2012 , 02:46:28 pm | Posted By: Subhash Jain
Category :
Income Tax | Answers :
3|
Comments :
1| Hits: 450
|
|
My clint pvt. ltd. co. deals in property business. During FY 2009-10, it incures loss of Rs.9 lacs as business loss mainly due to interest costs. and NIL depreciation loss. During FY 2010-11 it earns profit of Rs.5 Lacs on sale of land. Now my query is whether tax u/s 115JB is leviable on book profit of Rs.5 lacs (as there was NIL unabsorbed dep. b/f) or it doesn't have to pay any tax as after adjusting b/f buss. loss, its income comes to NIL. |
 |
|
|
Answers:
|
 Answer by: CA Satuti Mahajan |
| The company is liable to pay tax on the profits.
|
| Answer by: CA Satuti Mahajan |
| The company is liable to pay tax on the profits.
|
| Answer by: CA Satuti Mahajan |
| The company is liable to pay tax on the profits.
|
|
|
| Comments |
| Posted By : Riddhi |
30-Apr-2012, 12:13:24 |
| The company will have pay tax on the book profits @ 18.5%.Because as per the income tax law,tax is to be paid on the higher of the following income: income tax calculated as per the head PGBP and as per MAT provisions Whichever is higher. |
| |
|
|
|
|
