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Alternate minimum tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2013 M/s.XYZ partnership firm has sales Rs.3500000 in AY 2013-14 and net income Rs. 400000 whether Section 115JEE (Alternate Minimum Tax) applicable to firm ?. if firm apply section 44AD than section 115JEE applicable of not ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 July 2013 AMT applicable when firm gets deductions or exempted income under the IT Provisions.
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As the firm is liable to pay tax on its profits by adopting 44AD, AMT will not be levied.
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