Alternate minimum tax (amt)
This query is : Resolved
12 April 2015
Pls clear my doubt,
First doubt,
If an assessee Mr.X has Income from business Rs.25,00,000/- as per Income Tax Act in current year and has brought forward loss of Rs.30,00,000/-.
Is he liable to pay AMT even though he has losses to set-off ???
Second Doubt,
Whether assessee Mr.X is covered under AMT, even if he has not claimed deduction under Chp VIA heading 'C' and his Income from Business is Rs.24,00,000/- as per I.Tax ???
First doubt,
If an assessee Mr.X has Income from business Rs.25,00,000/- as per Income Tax Act in current year and has brought forward loss of Rs.30,00,000/-.
Is he liable to pay AMT even though he has losses to set-off ???
Second Doubt,
Whether assessee Mr.X is covered under AMT, even if he has not claimed deduction under Chp VIA heading 'C' and his Income from Business is Rs.24,00,000/- as per I.Tax ???
13 April 2015
amt doesn't restrict for setoff, so as per my opinion, gross total income will Nil
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