alleryStart learning →Is tax credit allowed for tax paid under section 115JB under the Act?
ANo, it is a final levy
BOnly for foreign companies
CYes, under section 115JAA
DOnly if the AO permits it
Answer & Solution
Correct answer: C. Yes, under section 115JAA
Section 115JAA(1-A) provides credit for tax paid under section 115JB from assessment year 2006-07.
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