Tax credit for book profit allows carryforward to offset normal tax when book-profit tax exceeds normal tax. Tax credit is allowed when the tax on book profit exceeds normal income-tax, equal to that excess, without interest. The credit is carried forward (not beyond the fifteenth succeeding financial year) and may be utilised in years when normal income-tax exceeds tax on book profit; any order altering either tax requires corresponding variation of the credit. The section does not apply to a successor limited liability partnership following conversion of a private or unlisted public company.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax credit for book profit allows carryforward to offset normal tax when book-profit tax exceeds normal tax.
Tax credit is allowed when the tax on book profit exceeds normal income-tax, equal to that excess, without interest. The credit is carried forward (not beyond the fifteenth succeeding financial year) and may be utilised in years when normal income-tax exceeds tax on book profit; any order altering either tax requires corresponding variation of the credit. The section does not apply to a successor limited liability partnership following conversion of a private or unlisted public company.
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