Alternative minimum tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2014
please briefly explain AMT that apply for proprietorship firm.
26 August 2014
Please give me your email id. I will mail you a presentation explaining AMT.
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2014
please sir ,explain in 2-3 lines .
27 August 2014
The AMT is required to be paid at the rate of eighteen and half percentage as increased by education cess and higher secondary education cess i.e. 19.055%. The AMT is payable only if the tax payable under the normal provision is lesser than AMT.
27 August 2014
Alternate Minimum Tax (AMT):Alternate Minimum Tax (AMT) was introduced by theFinance Act, 2011w.e.f. 01.04.2012 on Limited Liability Partnerships (LLP). Later on by theFA 2012this has been extended to all assesses other than companies. For companies we find separate provisions for MAT, at presentu/s 115JBand related provisions inChapter XII-BA.The applicability of AMT:The AMT will apply only to those assesses who prefer claim of exemption undersection 10AA and deductions underChapter VIA- C in relation to certain incomes (except deductionu/s S.80P).In case of individual, HUF, AOP and BOI further relaxation from AMT is provided if the adjusted total income does not exceed Rs.20 lakh.
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