1. What is Form 29B?
Form 29B is a report under Section 115JB for computing the book profits of the Company. The same is to be furnished by a CA for a Company to which Section 11JB applies. This helps the assessee ensure correct computation of book profits to avail the resultant MAT credit arising out of the tax computed in accordance with the Income Tax Act.
2. Is it compulsory to file Form 29B?
Every Company where the income is less than 15% of the book profit (with effect from AY 2020-21) is required to obtain a report from a Chartered Accountant in Form 29B. This report should be obtained and submitted one month before the due date for filing of return u/s 139(1) or along with the return of income furnished in response to a notice under Section 142(1)(i).
3. What is the process to fill Form 29B?
The form is required to be filled by a CA assigned by the taxpayer (Company). After the form is filled and uploaded by the assigned CA, the same is required to be accepted and e-Verified by the assessee (from the Worklist) for it to be submitted successfully.
4. How do I know that my CA has prepared and submitted Form 29B?
You will receive a confirmation on your email ID and mobile number registered with the e-Filing portal. Additionally, you can also view the status in your Worklist (For your Actions). If the CA has uploaded the Form 29B, you will be displayed Uploaded-Pending Acceptance by Assessee.
5. How do I know that my CA has rejected my request for filling form 29B?
If your assigned CA has rejected your request of filling form 29B, you will receive a communication message on your email ID and mobile number registered with the e-Filing portal.
6. How do I know that my CA has accepted my request for filling form 29B?
If your assigned CA has accepted the request, you will be displayed the following status in your Worklist (For your Actions):
- Uploaded by CA-Pending Acceptance: i.e. the CA is yet to accept your request; or
- Uploaded-Pending Acceptance by Assessee: i.e. the CA has already uploaded and submitted Form 29B.