https://www.taxtmi.com/acts?id=31806 The amendment allows a company whose corporate insolvency resolution process has been admitted to deduct the aggregate amount of unabsorbed depreciation and loss brought forward from book profit for computing tax under section 115JB, with loss excluding depreciation; it also limits the clause referring to books of account to companies other than those so admitted. Separately, Explanation 4A states that section 115JB never applied to foreign companies whose total income consists solely of specified presumptive business profits taxed at the prescribed presumptive rates. en-us Thu, 01 Feb 2018 17:12:22 +0530 Fri, 02 Feb 2018 12:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31806 The amendment allows a company whose corporate insolvency resolution process has been admitted to deduct the aggregate amount of unabsorbed depreciation and loss brought forward from book profit for computing tax under section 115JB, with loss excluding depreciation; it also limits the clause referring to books of account to companies other than those so admitted. Separately, Explanation 4A states that section 115JB never applied to foreign companies whose total income consists solely of specified presumptive business profits taxed at the prescribed presumptive rates. Act-Rules Bill Thu, 01 Feb 2018 17:12:22 +0530 https://www.taxtmi.com/acts?id=31806