At present Minimum Alternate Tax is paid as per section 115JB of the I T Act. In simple terms , section 115JB provides that in the case of a company, the income-tax, payable on the total income as computed under I.T. Act in respect of any year is less than fifteen per cent of its book profit, such book profit shall be deemed to be the total income of the company and the tax payable by the said company on such total income shall be the amount of income-tax at the rate of fifteen per cent
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CBDT has clarified that the date of filing tax return to 17th October 2016 vide its order u/s 119 of the Income-tax Act, 1961 (‘Act’) dated 9th September, 2016 is also for obtaining the tax audit report under section 44AB . Read the explanatory circular below F. No. 225/195/2016-ITA II Government of India Ministry of […]
CBDT has extended the due date for filing tax return on ground of clash of dates with last date for declaration under the Income Declaration Scheme 2016 . It its circular dt 9th September 2016 , reasons cited by the CBDT to remove the inconvenience – “In order to remove inconvenience and to facilitate ease of […]
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About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.