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of <h1>Section 115J: Mandates Minimum Taxable Income for Companies at 30% of Book Profit if Income Falls Short.</h1> Chapter XIIB, introduced by the Finance Act, 1987, adds Section 115J to the Income-tax Act, effective April 1, 1988. It mandates that if a company's total income for a relevant previous year is less than 30% of its book profit, the taxable income is deemed to be 30% of the book profit. 'Book profit' is defined as net profit adjusted for various specified items. This provision does not affect the carry-forward of certain tax-related amounts to subsequent years.
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