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Book profit

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(Querist)
03 July 2009 Can tax paid on the profit calculated u/s115JB be adjusted against normal Income tax - if the profit exceeds?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
03 July 2009 Yes. When you are paying normal tax then tax paid under 115JB can be adjusted in the year of payment of normal tax.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
05 July 2009 Yes it will be adjusted to the extent of tax payable under provisions of income tax act exceed the tax payable under section 115JB resricted to tax paid u/s 115JB earlier
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