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Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Section 88E of the Act does not envisage any distinction between ...

Income Tax

September 19, 2016

Section 88E of the Act does not envisage any distinction between total income computable under the normal provisions of the Act and that computable under Section 115JB of the Act so far as it relates to the granting of rebate against the amount of income-tax payable. - AT

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  1. Computation of MAT tax liability - the tax liability arising under normal provisions of the Act and u/s 115JB of the Act should be compared before allowing rebate u/s 88E - AT

  2. The provisions of Sec. 87 & 88A to 88E apply after the total income is computed u/s. 115JB of the Act - AT

  3. Rebate u/s 88E of the STT paid while working out the tax under the provisions of Minimum Alternate Tax (MAT) as specified u/s 115JB - rebate u/s 88E had to be allowed...

  4. The assessee is liable for rebate under section 88E, even if the assessment is to be made after computing the book profit under section 115JB - AT

  5. Rebate u/s 88E – deduction of STT paid from the income tax computed u/s 115JB at book profit - Rebate u/s 80E available to the assesse - AT

  6. Penalty u/s 271(1) (c) - additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB - No penalty

  7. MAT - Section 115JB - assessee is trying to compute the brought forward losses under the normal Income-tax Act provisions and not under the Companies Act - not allowed - AT

  8. Dis-allowance of amount transferred to Statutory Reserve and amount transferred to Reserve Fund while computing normal provisions and also while computing the book...

  9. MAT - deduction of Rebate u/s 88E while calculating the tax liability of the assessee for minimum alternative tax u/s 115JB - when the total income is assessed and the...

  10. Rebate u/s 88E - adjustment with MAT u/s 115JB - rebate as exigible under law u/s.88E would have to be allowed irrespective of whether the tax is payable under the...

 

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