Whether profits from wind mill project (power generation) will attract 115JB
4 Replies
Amir
(Learner)
(4016 Points)
Replied 17 June 2010
HI Friend,
Sec 155JB applies to a specific class of assessees i:e Companies.
The section is indifferent to the nature & place of business*xcept subsection (6) reads as under -
The provisions of this section shall not apply to the income accrued or arising on or after the 1st day of April, 2005 from any business carried on, or services rendered, by an entrepreneur or a Developer, in a Unit or Special Economic Zone, as the case may be.
So, if not covered by above exception then Yes 115JB WILL APPLY.
devendra
(Manager Accounts & finance )
(108 Points)
Replied 13 April 2011
Dear All, I have a query regarding WINDMILL
I have purchased windmill in Pvt. LTd. Company.
Please inform us what will be rate as per Co's Act and IT Act.
Also inform us whether tax liability will be set off against 115JB.
Any MAT Liability and MAT credit can be availed.
Waiting for the reply urgently.
Devendra
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