Income tax (23rd Amendment), Rules, 2021. - MAT - Increase in profit due to past income - Relief in tax payable under sub-section (1) of section 115JB due to operation of sub-section (2D) of section 115JB

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....ome tax (23rd Amendment), Rules, 2021. 2. In the Income-tax Rules, 1962, (hereinafter referred to as principal rules) after rule 10RA, the following rule shall be inserted, namely:- "10RB. Relief in tax payable under sub-section (1) of section 115JB due to operation of sub-section (2D) of section 115JB.- (1) For the purposes of sub-section (2D) of section 115JB, the tax payable by the assessee company under sub-section (1) of section 115JB, for the previous year referred to in that section, shall be reduced by the following amount, namely:- (A-B) - (D-C), where, A = tax payable by the assessee company under sub-section (1) of section 115JB on the book profit of the previous year including the past income; B = tax payable by the ass....

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.... of Income-tax (Systems), as the case may be. (5) Form No.3CEEA shall be verified by the person who is authorised to verify the return of income of the assessee company under section 140. (6) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall specify the procedure for filing of the Form No. 3CEEA and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished under this rule. Explanation 1.- The value of amount "A" in the formula shall be deemed to be zero, if there is no tax payable under sub-section (1) of section 115JB on the book profit of that previous year inc....

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....manent Account Number 3. Residential status 4. Relevant previous year 5. Is it a case of APA or secondary adjustment 6. Details of past income [refer sub-rule (2) of rule 10RB] Relevant previous year Amount of past income Total amount of past income 7. Amount A of formula in sub-rule (1) of rule 10RB (tax payable on book profit of the previous year including past income) 8. Amount B of formula in sub-rule (1) of rule 10RB (tax payable on book profit of the previous year excluding past income) 9. A-B (amount at item 7 minus amount at item 8) 10. Amount C of formula in sub-rule (1) of rule 10RB with details of tax payable (I) Amount C of formula in sub-rule (1) of rule 10RB (II) Details of tax payable on the book profit o....