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of <h1>Section 115JB: Minimum Alternate Tax treating adjusted book profit as taxable income at specified rates for companies</h1> Where a company's tax computed under the Income-tax Act is less than a prescribed percentage of its book profit, the book profit (computed from the statement of profit and loss prepared under Companies Act/other applicable law and adjusted by specified additions and reductions) is deemed total income and taxed at that prescribed rate (recently 18.5%, 15% for specified years; reduced rates for IFSC units). The section lists detailed adjustments to derive 'book profit', rules for companies using Indian Accounting Standards (including transitional adjustments), reporting and accountant certification requirements, and exclusions (certain foreign companies, specified incomes, life insurance, and taxpayers opting for specific tax regimes). Carry-forwards and other Act provisions remain applicable.
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