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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.

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2 Replies

manu (Accountant) (24 Points)
Replied 16 February 2022

Applicable

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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.