Section 115JB(4) of the Income-tax Act, 1961 requires a chartered accountant to certify the book profit and also the tax payable thereon under the above section. This has cast an onerous responsibility on the chartered accountant. Several issues arose in the implementation of the above-mentioned requirement, which required critical analysis. After critical analysis of the practical issues and judicial pronouncements on the provisions of the said section, a publication “Guidance Note on report under section 115JB of the Income-tax Act, 1961” was brought out by the Institute.
The publication also deals with the fundamental issue whether responsibility envisaged by section 115JB(4) amounts to an audit or only a reporting function. The particulars (column wise) of the report under section 115JB are discussed in detail. All the relevant circulars, important decisions etc are also included in this publication. This publication would be of great help to the members in discharging their responsibility under section 115JB of the Income-tax Act, 1961