https://www.taxtmi.com/acts?id=49204 Clause 206 mandates that where tax under ordinary provisions is below specified percentages of book profit (for companies) or adjusted total income (for others), that book profit or adjusted total income is deemed total income and taxed at the prescribed percentage rate. It prescribes the computation of adjusted total income and a formula for book profit (B = P + (I - R)) with detailed lists of add-backs and deductions, special adjustments for various company classes, obligations for prescribed financial statement formats and certification, a tax-credit and carryforward mechanism for tax paid under this provision, and enumerated exclusions and procedural recomputation rules. en-us Fri, 14 Feb 2025 17:40:54 +0530 Thu, 20 Feb 2025 12:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49204 Clause 206 mandates that where tax under ordinary provisions is below specified percentages of book profit (for companies) or adjusted total income (for others), that book profit or adjusted total income is deemed total income and taxed at the prescribed percentage rate. It prescribes the computation of adjusted total income and a formula for book profit (B = P + (I - R)) with detailed lists of add-backs and deductions, special adjustments for various company classes, obligations for prescribed financial statement formats and certification, a tax-credit and carryforward mechanism for tax paid under this provision, and enumerated exclusions and procedural recomputation rules. Act-Rules Bills Fri, 14 Feb 2025 17:40:54 +0530 https://www.taxtmi.com/acts?id=49204