Amt

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 Alternate Minimum Tax is applicable on Individual assessee.

1. In this case, if Individual assessee who is having AMT credit in his account but discontinued his business later on, in this case whether the assessee can still claim the MAT credit in the subsequent years? ( MAt credit available in the case of discontinued business ?)

2. If the Individual assessee first paid taxes in MAT , later on it merges with one partnership firm or in company ? then the MAT credit available to the individual assessee can be carried forward and used by this new entity i.e.partnership firm ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 August 2013 Ans 1. no, not allowed.
Ans 2. Yes it is allowed for balance period.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 Thnaks for reply.

Whether I will get any supportings for the answer ? Where I can find the same under which section or in explanatory notes ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 August 2013 Refer to Finance act,2012 for more info.

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