Amt


This query is : Resolved 

08 October 2017 During the current year I am not claiming any deduction from the total income for specific deduction. I have carried forward AMT Credit, whether I can set off total tax against my carried forward AMT Credit. whether I have to pay AMT for current year? Please advise.

Total Income for the year: 4,66,48,887/-
Tax Payable at Normal rate: 1,63,69,395/-
AMT Credit available: 2,15,78,599/-

08 October 2017 What is Tax as per AMT provision

08 October 2017 AMT credit can maximum be Setoff is Tax Payable at Normal rate minus Tax as per AMT provision

09 October 2017 If in any year, the taxpayer pays liability as per AMT, then it can claim AMT credit of the excess
of AMT paid over the normal tax liability. In this case, the liability of AMT is higher, hence, the
non corporate assessee will be entitled to claim AMT credit being excess of AMT over normal tax
liability.
https://www.incometaxindia.gov.in/tutorials/10.mat-and-amt.pdf


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