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QUESTIONS & ANSWERS

The amendment in the Bill under Explanation to Sec. 115JB(2) provides for an ad hoc addition of deferred tax debit. It was pointed out that the deferred tax credit on the same logic should have been reduced.

The amendment made to the Explanation in the Bill would now disallow the amounts of deferred tax “if any such amount is credited to the P&L Account”.

This has been understood in some quarters to mean exclusion of deferred tax credit. The amendment is not clear. Such an interpretation may be doubtful unless conceded by the Board Circular.

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