Form 29B under Income tax act
Vaibhav (Article) (86 Points)
07 February 2022
in case of loss in company form 29b is applicable or not.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 17 February 2022
This amount is calculated basis the book profit mentioned on Form29B. The company's Chartered Accountant audits this report. However, Form 29B becomes a critical report to claim MAT credit. Hence filing of Form 29B is mandatory as per IT Act and is beneficial for the companies to claim the MAT credit as well.
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