Ram & Co., a proprietorship firm has paid tax for the assessment year 2018-19 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of followi

CS Executive · Tax Laws and Practice · PYQS · December 2018

Ram & Co., a proprietorship firm has paid tax for the assessment year 2018-19 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of following number of assessment years immediately succeeding the assessment year 2018-19:

(A) 8 years

(B) 5 years

(C) 10 years

(D) 15 years

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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Ram &amp; Co., a proprietorship firm has paid tax for the assessment year 2018-19 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of followi

Answer & Explanation:

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Ram & Co., a proprietorship firm has paid tax for the assessment year 2018-19 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of followi