Applicability of Form 29B (115JB)

[Shubham Kansal]

Dear Experts,

In case of company having losses as per normal provisions of Income Tax Act as well as losses as per Companies Act, i.e. company neither paid any MAT nor reversed taxes under MAT in a particular year, is there any requirement to file Form 29B ?

[CASusheel Gupta]

Form 29B is to submitted only if tax is payable under MAT

CA Susheel Gupta

AI Summary

Form 29B Submission Only Required When Minimum Alternate Tax is Payable, Expert Clarifies A query was raised regarding the requirement to file Form 29B for a company experiencing losses under both the Income Tax Act and the Companies Act, where no Minimum Alternate Tax (MAT) was paid or reversed in a particular year. An expert clarified that Form 29B needs to be submitted only if tax is payable under MAT.