India - Income Tax Act 2010 - Saarc

1.569 CH. XII-B - SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES S. 115JBbe, the amount of tax credit allowed under this section shall also be increased orreduced accordingly.]The following sub-section (7) shall be inserted after sub-section (6) of section115JAA by the Finance Act, 2010, w.e.f. 1-4-2011 :(7) In case of conversion of a private company or unlisted public company into alimited liability partnership under the Limited Liability Partnership Act, 2008 (6of 2009), the provisions of this section shall not apply to the successor limitedliability partnership.Explanation.—For the purposes of this section, the expressions “private company”and “unlisted public company” shall have the meanings respectively assigned tothem in the Limited Liability Partnership Act, 2008 (6 of 2009).83[Special provision for payment of tax by certain companies. 84115JB. (1) Notwithstanding anything contained in any other provision of thisAct, where in the case of an assessee, being a company, the income-tax,payable on the total income as computed under this Act in respect of anyprevious year relevant to the assessment year commencing on or after 84a [the 1stday of April, 85 [ 86 [2010]]], is less than 86a [ 87 [ 88 [fifteen per cent]]] of its book profit,89[such book profit shall be deemed to be the total income of the assessee and thetax payable by the assessee on such total income shall be the amount of incometaxat the rate of 86a [ 87 [ 88 [fifteen per cent]]].](2) Every assessee, being a company, shall, for the purposes of this section,prepare its profit and loss account for the relevant previous year in accordancewith the provisions of Parts II and III of Schedule VI 90 to the Companies Act, 1956(1 of 1956) :Provided that while preparing the annual accounts including profit and lossaccount,—(i) the accounting policies;(ii) the accounting standards adopted for preparing such accounts includingprofit and loss account;(iii) the method and rates adopted for calculating the depreciation,shall be the same as have been adopted for the purpose of preparing suchaccounts including profit and loss account and laid before the company at itsannual general meeting in accordance with the provisions of section 210 of theCompanies Act, 1956 (1 of 1956) :83. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.84. See also Circular No. 13/2001, dated 9-11-2001. For details, see Taxmann’s Master Guideto Income-tax Act.84a. Words “the 1st day of April, 2011” shall be substituted for the words “the 1st day of April,2010” by the Finance Act, 2010, w.e.f. 1-4-2011.85. Substituted for “2001” by the Finance Act, 2006, w.e.f. 1-4-2007.86. Substituted for “2007” by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.86a. Words “eighteen per cent” shall be substituted for the words “fifteen per cent” by theFinance Act, 2010, w.e.f. 1-4-2011.87. Substituted for “seven and one-half per cent” by the Finance Act, 2006, w.e.f. 1-4-2007.88. Substituted for “ten per cent” by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.89. Substituted for “the tax payable for the relevant previous year shall be deemed to be sevenand one-half per cent of such book profit” by the Finance Act, 2002, w.r.e.f. 1-4-2001.90. For text of Parts II and III of Schedule VI to the Companies Act, 1956, see Appendix.