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Section 115JB(2D) Adjustment on account of additional income of past years by finance Act 2021 - Minimum Alternate Tax (MAT) - Income Tax

Extract

..... se of company, where there is an increase in book profit of current PY due to income of past year or years included in the book profit on account of an Advance Pricing Agreement (APA) u/s 92CC or secondary adjustment u/s 92CE, the AO shall on an application made by the assessee recompute the book profit of past year or years. AO will also compute tax payable by assessee. Notes : For the purpose of rectification u/s 154, 4 year time limit shall be computed from the end of financial year in which .....

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Section 115JB(2D) Adjustment on account of additional income of past years by finance Act 2021 - Minimum Alternate Tax (MAT) - Income Tax

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..... by the assessee company u/s 115JB(1) on the book profit of those past year or years to which the past income belongs; D = Aggregate of tax payable by the assessee company u/s 155JB(1) on the book profit of past year or years, referred to in item C, after increasing the book profit with relevant past incomes of such year or years Provided that if the value of (A-B)-(D-C) in the formula is negative, its value shalll be deemed to be zero Notes : For the purposes of section 115JB(1), past income wou .....

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Section 115JB(2D) Adjustment on account of additional income of past years by finance Act 2021 - Minimum Alternate Tax (MAT) - Income Tax

X X   X X   Extracts   X X   X X