One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E.
Facts
In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay.
In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income
Issue
In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit?
CAclubindia
