Unabsorbed depreciation or losses which can be carried forward - Section 115JB(3)/(4) - Income Tax - Ready Reckoner - Income Tax

Section 115JB(3) - Unabsorbed depreciation or losses which can be carried forward Although, the assessee is liable to pay tax @ 18.5% of the book profits if its total income computed as per Income tax Act is less but it is entitled to determine unabsorbed depreciation u/s 32(2) , business loss u/s 72(1), speculation loss u/s 73 and capital loss u/s 74 and loss u/s 74A and shall be allowed to carry forward such unabsorbed depreciation or losses to subsequent years for claiming set off as per normal provisions of Income Tax Act. Section 115JB(4) - Every company to which this section applies, shall furnish a report in the prescribed form No. 29B from a Chartered Accountant certifying that the book profit has been computed in accordance with the provisions of this section along with the return of income filed u/s 139(1) or along with the return of income furnished in response to a notice u/s 142(1)(i)