TaxTMI 
TaxTMI 
Section 115JB(2D) Adjustment on account of additional income of past years by finance Act 2021
X X X X Extracts X X X X
X X X X Extracts X X X X
.... additional income of past year(s) included in books of account of current year * on account of secondary adjustment under section 92CE or * on account of an Advance Pricing Agreement (APA) entered with taxpayer under section 92CC. As per the amendment made by FA, 2021 - In case of company, where there is an increase in book profit of current PY due to income of past year or years included in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ords, the company has an option whether to seek the adjustment or not. Rule 10RB : Relief in tax payable u/s 115JB(1) due to operation of section 115JB(2D) 1. Tax payable by assessee company u/s 115JB(1) for the PY referred to in that section shall be reduced by the following amount, namely :- (A-B) - (D-C) where, A = Tax payable by assessee company u/s 115JB(1) on the book profit of the p....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... deemed to be zero, if there is no tax payable under section 115JB(1) on the book profit of that previous year after reducing the book profit with the past income. 3. For the purposes of calculation of amount "C" in the formula, if in any past year or years there is no tax payable under section 115JB(1) on the book profit of that year or years, the tax payable for that year or years shall be dee....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., the tax credit allowed to the assessee u/s 115JAA shall be reduced by the amount which is equal to the amount of reduction that has been allowed under rule 10RB(1). (4) The assessee company shall make a claim for relief u/s 115JB(2D) in Form No. 3CEEA electronically by uploading signed printout of said Form in the manner specified by the Principal Director General of Income-tax (Systems) or the....