Alternate minimum tax (amt)
This query is : Resolved
13 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 ???
Aditya Maheshwari
(Expert)
13 April 2015
First doubt MAT not applicable as for the purpose of computation of MAT for individuals Deduction Claimed under any section included in Chapter VI-A under the heading C and Deduction Claimed u/s 10AA is added to total income.
Second answer is also no.
Second answer is also no.
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