Section 115 jb

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Querist : Anonymous (Querist)

27 December 2012 what is section 115 jb.

thanx in advance.

Pankaj Gupta

Pankaj Gupta (Expert)
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27 December 2012 This section relates with minimum alternate tax ie MAT. It is applicable on all the companies wether foreign or indian. Applicable only on companies and not on other assessee. Companies have to pay higher of the tax calculated in the following manner--
# regular income tax
Or
# tax@18.5% on adjusted income.