Form 29B is a report under Section 115JB of the Income Tax Act, 1961, that enables companies to disclose their book profits certified by a Chartered Accountant (CA) for a particular assessment year. The form helps companies to calculate the correct book profit and claim the Minimum Alternate Tax (MAT) credit incurred from the computation of the tax as per the Income Tax Act. The form has three parts - Part A, Part B/Part C, and an Audit Report, and it 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) .

Some key points to note about Form 29B are:

• It is mandatory for every company where the income is less than 15% of the book profit (with effect from AY 2020-21) to obtain a report from a Chartered Accountant in Form 29B.
• The form should be filed electronically before and with the companys income return.
• Taxpayers and CAs should be registered on the e-Filing portal with valid user ID and password, and the status of PAN of the taxpayer and CA should be active.
• The form should contain details regarding the name, address, nature, and PAN of the company, the assessment year of filing, and the amount of book profit declared by the company.
• Section 271BA imposes a penalty for not filing Form 29B before the deadline, along with the audit report as required by Section 92E. The penalty amount can be up to Rs 1,00,000.

Taxpayers can file Form 29B through both online and offline modes. The form can be filled and submitted through the following methods:

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

Taxpayers should ensure that they comply with the provisions related to Form 29B to avoid any penalties and delays.