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Amt credit

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(Querist)
27 December 2013 If the registered firm has paid AMT in fy 2012-13. & has a AMT Credit carried forward of rs. 1000000/-.

If in the Next year ie. fy 2013-14,it has no exempt income u/s 80IB but taxable income on which tax comes to rs. 400000/- as per normal prov.of tax.

Whether prov. of 115JC apply in the fy 2013-14, whether firm can set off its AMT Credit against the tax as per normal prov. of tax?

Thanks in advance
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@VaibhavJ

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@VaibhavJ (Expert)
27 December 2013 Hi

Yes set off can be claimed, if tax payable as per AMT is lesser.

Thanks//VaibhavJ

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