28 March 2016
Sec 115JB is for payment of minimum alternate tax by assessee.
As per this section, an assessee, being company (formed under companies act) is required to pay tax higher of: tax calculated at specified rate on book profit (currently the rate is 18.50% + applicable surcharge and cess). This is called Minimum Alternate Tax or tax as per normal provisions of tax.
CAclubindia
