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Income Tax - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Applicability of Section 115JB on banking Company - Scope of ...

Income Tax

May 6, 2019

Applicability of Section 115JB on banking Company - Scope of amendment in 115JB by Finance Act, 2012 - 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company - neither declaratory nor classificatory but make substantive and significant legislative changes which are admittedly applied prospectively

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  1. MAT applicability to the assessee Banking Companies u/s 115JB - the provisions of Section 115JB(2) of the Act do not apply to the Banking companies.

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