Section 115JAA of ITA, 1961 : Section 115Jaa: Tax Credit In Respect Of Tax Paid On Deemed Income Relating To Certain Companies
ITA, 1961
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Explanation using Example
Imagine a company, XYZ Pvt Ltd, paid additional tax under the provisions of section 115JA for the Assessment Year (AY) 2021-22 due to its book profits being higher than its taxable income under normal provisions of the Income-tax Act. This additional tax paid is ₹10,00,000. The tax on its normal taxable income would have been ₹7,00,000, creating a tax credit of ₹3,00,000 (₹10,00,000 - ₹7,00,000).
In AY 2022-23, XYZ Pvt Ltd has a taxable income that results in a tax liability of ₹9,00,000 under the normal provisions. Since the company has a tax credit from the previous year, it can set off this credit against the current year's tax liability. However, it can only set off the differenc...
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