June 16, 2023

Tax credit for alternate minimum tax (1) The credit for tax paid by a person under section 115JC shall be allowed to him in accordance with the provisions of this section. (2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular […]

Special provisions relating to certain companies (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this Act in respect of any previous year

Chapter not to apply if the assessee so chooses A non-resident Indian may elect not to be governed by the provisions of this Chapter for any assessment year by furnishing his return of income for that assessment year under section 139 declaring therein that the provisions of this Chapter shall not apply to him for that assessment

Benefit under Chapter to be available in certain cases even after the assessee becomes resident Where a person, who is a non-resident Indian in any previous year, becomes assessable as resident in India in respect of the total income of any subsequent year, he may furnish to the Assessing Officer a declaration in writing along

Return of income not to be filed in certain cases It shall not be necessary for a non-resident Indian to furnish under sub-section (1) of section 139 a return of his income if—  (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of investment income or

Deemed income relating to certain companies (1) Notwithstanding anything contained in any other provisions of this Act, where in the case of an assessee, being a company, the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April,

Capital gains on transfer of foreign exchange assets not to be charged in certain cases (1) Where, in the case of an assessee being a non-resident Indian, any long-term capital gains arise from the transfer of a foreign exchange asset (the asset so transferred being hereafter in this section referred to as the original asset),

Tax credit in respect of tax paid on deemed income relating to certain companies Unlocking Tax Relief for Eligible Companies Within the intricate tapestry of the Indian Income Tax Act 1961, Section 115JAA holds the potential to alleviate tax burdens for certain companies. This section, often overlooked, offers a valuable tax credit mechanism, empowering eligible

Special provision for payment of tax by certain companies (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on

Special provisions for payment of tax by certain persons other than a company (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed