Tag Archives: Section 115JB

Clarify whether MAT credit can be carry forward if 10 year period lapsed – Budget 2017-18 Suggestions

Suggestion on Clause 46(a) of Finance Bill 2017– Section 115JAA – Extension of period of carry forward of MAT credit from 10 years to 15 years – Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year… Read More »

Applicability of MAT on foreign companies in India

Foreign portfolio investors (FPIs) Foreign portfolio investors (FPIs) raised certain taxation issues relating to applicability of Minimum Alternate Tax (MAT) on them. The Government set up a committee under Justice A. P. Shah to examine the issue raised by them. On the recommendations of the committee, an amendment in section 115JB of the Income-tax Act,… Read More »

No deduction u/s 115JB if brought forward loss or unabsorbed depreciation becomes Nil

If either the loss brought forward or unabsorbed depreciation is nil, then the assessee is not allowable any deduction under this clause for computing the book profit under section 115JB. IN THE ITAT PANAJI BENCH Indian Furniture Products Ltd. v. Assistant Commissioner of Income-tax, Circle-2, Goa N.S. SAINI, ACCOUNTANT MEMBER AND GEORGE MATHAN, JUDICIAL MEMBER… Read More »

Profit from sale of agricultural land is not book profit in Section 115JB

Q Whether Profit from sale of agricultural land would be included for purpose of computing book profit under section 115JB ? Profit from sale of agricultural land would not be included for purpose of computing book profit under section 115JB Profit arising on sale of agricultural land, which does not fall in the category of “Capital Asset”… Read More »

Section 115JB profit arising on sale of share

IN THE ITAT MUMBAI BENCH ‘D’ Dharmayug Investments Ltd. v. Assistant Commissioner of Income-tax, Range 1 (1), Mumbai B.R. BASKARAN, ACCOUNTANT MEMBER AND AMIT SHUKLA, JUDICIAL MEMBER IT APPEAL NO. 1284 (MUM.) OF 2013 [ASSESSMENT YEAR 2009-10] JUNE  10, 2015 While computing book profits under Section 115JB whether profit arising on sale of shares ought… Read More »