What is Section 115JAA of Income Tax Act?

What is Section 115JAA of Income Tax Act?

115JAA. (1) Where any amount of tax is paid under sub-section (1) of section 115JA by an assessee being a company for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.

What are the provisions of Income Tax Act 1961?

According to the Income Tax Act 1961, you can claim deductions under the following sections: Section 80C to 80: Under Section 80C, 80CCC & 80CCD of the Income Tax Act 1961, you can reduce your taxable income by 1,50,000….Income tax slab rates.

Income tax slabs Income tax rates
Above Rs. 15 lakhs 30%

How can I avail MAT credit?

When any amount of tax is paid as MAT by the company, then it can claim the credit of such tax paid in accordance with the provision of section 115JAA. Allowable Tax Credit: Tax paid as per MAT calculation — Income tax payable under normal provision of Income-tax Act, 1961.

What is Section 115BAB?

The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies. This is done to promote the new manufacturing start-ups.

What is Section 115JD?

Section 115JD provides the credit for tax (tax credit) paid by a non-corporate on account of AMT under Chapter XII-BA shall be allowed to the extent of the excess of the AMT paid over the regular Income-tax. No interest shall be payable on tax credit allowed under section 115JD.

Who is a person under Income Tax Act 1961?

Definition of Person u/s 2(31) of the Income Tax Act 1961. The term “Person” includes: Individual (Means Natural Person, you and me, i.e. all human beings including minor and unsound mind).

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