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 ?
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 ?
19 August 2013
Ans 1. no, not allowed.
Ans 2. Yes it is allowed for balance period.
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 ?
Whether I will get any supportings for the answer ? Where I can find the same under which section or in explanatory notes ?
19 August 2013
Refer to Finance act,2012 for more info.
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