What is minimum alternate tax under section 115JB?

What is the tax rate under sec 115JB? The tax rate is 15% from FY 2019-20 i.e. AY 2020-21.

What is form 115JB?

Manual on Form 29B – Section 115JB report for computing book profits of Company. 1. Overview. Form 29B enables Companies to disclose book profits certified by a CA for a particular assessment year as per the provisions laid down under section 115JB of the Income Tax Act, 1961.

Is Form 29B mandatory for all companies?

All companies must file the report in Form 29B, according to Section 115JB. Indeed the company can avail of MAT credit basis the tax paid. The MAT amount paid in one year can be used as a “credit” in the subsequent years.

What is Section 115JD?

Section 115JD provides the credit for tax (tax credit) paid by a non-corporate on account of AMT under Chapter XII-BA shall be allowed to the extent of the excess of the AMT paid over the regular Income-tax. No interest shall be payable on tax credit allowed under section 115JD.

What is Section 115JC?

section 115JC lays down that an assessee liable to AMT should obtain a report in a prescribed format from an Chartered Accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of Chapter XIIBA and furnish the same on or before the due date …

What is Section 115JAA?

Tax Credit in respect of Tax paid on Deemed Income under MAT Provisions (Section 115JAA) It provides that where tax is paid in any assessment year in relation to the deemed income under MAT Provisions against Tax Liability under section 115JB, a Tax Credit shall be allowed in subsequent years.

What is Section 115BAA?

Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified.

When Should Form 29B is applicable?

Form 29B should be filed one month before the due date for filing of return u/s 139(1) or along with the return of income furnished in response to a notice under Section 142(1)(i).

What is Section 115BAC?

The new Section 115BAC of the Income-tax Act, 1961 provides that a person, being an individual or an undivided Hindu family (HUF) having income other than income from profession or business, may exercise the option concerning of a previous year to be taxed under the Section 115 BAC along with his/her return of income …

Is Section 115JC applicable to individuals?

The provisions of Alternative Minimum Tax are applicable to the following category of taxpayers: Individual, HUF, AOP (Association of Persons) or BOI (Body of Individuals) if the adjusted total income exceeds INR 20 lacs. Any other taxpayer (other than Company) irrespective of the total income.

What is Section 115BAB?

The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies. This is done to promote the new manufacturing start-ups.