Form 29B

Introduction

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.

Form 29B enables Companies to disclose book profits certified by a CA for a particular assessment year as per the provisions laid down under section 115JB of the Income Tax Act, 1961. This form can be filed in both online and offline mode. Form 29B should be filed 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).

Purpose

All Companies have to obtain a report, in Form 29B, by an authorized CA for certifying that the book profits have been computed in accordance with the provisions of the Income Tax Act, 1961.

Who can use it?

Companies have to assign a CA (post-login using My CA service) who will furnish an audit report in the form of Form 29B. Thereafter, a registered CA can either accept or reject the request for furnishing of an audit report and (if accepted) is required to prepare and submit the Form 29B.

How to Access and Submit

Form 29B can be filled and submitted through the following methods:

• Online mode - through e-Filing portal
• Offline mode - through Offline Utility

Follow the below steps to file and submit Form 29B through online mode.

Assigning Form 29B by taxpayer

Step 1: Log in to the e-Filing portal using your user ID and password. 

Step 2: On your Dashboard, click e-File > Income Tax Forms > File Income Tax Forms.

Step 3: Select Form 29B from the form tiles available. Assign a CA using My CA service (if you have not assigned any CA).

Step 4: Provide the Assessment Year and assign CA using the My CA service. Attach the supporting documents and click Continue.

Filing Form 29B by CA

Step 1: Log in to the e-Filing portal using your user ID and password. 

Step 2: On your Dashboard, click Pending Actions > Worklist.

Step 3: Click Accept or Reject the request for filing Form 29B.

Step 4: Select File Form on your Worklist.

Step 5: Verify the details and click Continue.

Step 6: On the Instructions page, click Let's Get Started.

Step 7: Select the applicability of Part B and C of Form 29B by clicking on the respective options and click Proceed.

Step 8: Fill all the required fields for the applicable sections – Part A, Part B / Part C and Report of an Accountant and click Preview.

Step 9: On the Preview page, click Proceed to e-Verify.

Step 10: Click Yes to confirm.

Step 11: On clicking Yes, you will be taken to the e-Verify page. 

 Acceptance of filled Form 29B by taxpayer

Step 1: Log in to the e-Filing portal using user ID and password. 

Step 2: On your Dashboard, click Pending Actions > Worklist.

Step 3: Select Accept to accept the CA uploaded form / Select Reject and provide rejection comments to reject the form.