19 August 2010
Is it compulsory to obtain Form 29B and Form 66 for shipping companies. What is the penalty or prosecution for not obtaining the certificates?
19 August 2010
as per section 115Jb it is compulsory to obtain form 29B.
And form 66 is Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 which needs to be given though no penalty as such has been notified.
19 August 2010
I think form 29B is obtained on the date of signing balance sheet as MAT provision is made on that date. So it has to be obtained on that date only.
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