31 October 2010
ABC Ltd has book-profits and total income for the Previous Year 2009-10 as below: Book profits: Rs.150 lakh Total income Rs.70 lakh
In this case, the provisions of section 115JB shall be applicable as the tax on total income (70*30%= 21 lakh) is less than 15% of books profits (150*15% = 22.5 lakh). So the tax payable by the company shall be Rs.22.5 lakh.
Now my query is that, whether ABC Ltd shall be liable to surcharge @ 10% on the tax payable or not?
CAclubindia
