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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 115JB Amended: New Explanations Clarify Deferred Tax Treatment and Tax Components Retroactively from April 1, 2001.</h1> Section 115JB of the Income-tax Act is amended to include a new Explanation 1, which redefines the treatment of deferred tax and its provisions if debited to the profit and loss account. This change is retroactively effective from April 1, 2001. Additionally, Explanation 2 is introduced to clarify that for the purposes of clause (a) of Explanation 1, the amount of income-tax encompasses taxes on distributed profits and income, interest charged, surcharges, and various education cesses as levied by Central Acts. These amendments aim to provide clarity on tax calculations and liabilities.
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