https://www.taxtmi.com/acts?id=47080 Section 115J establishes a minimum tax for companies by deeming total income for a relevant previous year to be a prescribed proportion of book profit when computed total income is below that proportion. Book profit is the net profit per the profit and loss account adjusted by specified add-backs (tax provisions, transfers to reserves, provisions for liabilities, subsidiary losses, dividends, and certain expenditures) and reductions (withdrawals from reserves or provisions, income credited under Chapter III, and allowable losses or depreciation). The provision does not alter carry-forward determinations under specified sections for depreciation, losses, and certain deductions. en-us Tue, 07 Jan 2025 12:35:27 +0530 Tue, 07 Jan 2025 12:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47080 Section 115J establishes a minimum tax for companies by deeming total income for a relevant previous year to be a prescribed proportion of book profit when computed total income is below that proportion. Book profit is the net profit per the profit and loss account adjusted by specified add-backs (tax provisions, transfers to reserves, provisions for liabilities, subsidiary losses, dividends, and certain expenditures) and reductions (withdrawals from reserves or provisions, income credited under Chapter III, and allowable losses or depreciation). The provision does not alter carry-forward determinations under specified sections for depreciation, losses, and certain deductions. Act-Rules F. Acts / Amendment Acts Tue, 07 Jan 2025 12:35:27 +0530 https://www.taxtmi.com/acts?id=47080