115JB of companies act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 In case of my company, there is loss as per income tax act but minimal profit as per companies act.
Do i need to make a provision of income tax to be paid as per 10% of book profit.
If yes, then equivalent tds is already deducted so no need to make self assessment tax payment.kindly confirm.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 September 2010 First of all Tax under 115JB for AY 2010-11 is 15 %.

Now if this 15 % Tax & edu cess on it is covered by the TD deducted by your party, then there is no need to pay any self assessment tax.

Simply claim the TDS in your ITR.