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of <h1>Companies Under Section 115JB Can Carry Forward Losses for Future Tax Set-Off, Must Submit Form 29B Report</h1> Under Section 115JB(3) and (4) of the Income Tax Act, companies subject to Minimum Alternate Tax (MAT) at 18.5% on book profits can carry forward unabsorbed depreciation and various losses, such as business, speculation, and capital losses, for future set-off under normal tax provisions. Additionally, companies must submit a report in Form No. 29B from a Chartered Accountant certifying the computation of book profits as per Section 115JB when filing their income tax return.
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