Amt credit
This query is : Resolved
Nitesh Painter
(Querist)
27 December 2013
If the registered firm has paid AMT in fy 2012-13. & has a AMT Credit carried forward of rs. 1000000/-.
If in the Next year ie. fy 2013-14,it has no exempt income u/s 80IB but taxable income on which tax comes to rs. 400000/- as per normal prov.of tax.
Whether prov. of 115JC apply in the fy 2013-14, whether firm can set off its AMT Credit against the tax as per normal prov. of tax?
Thanks in advance
If in the Next year ie. fy 2013-14,it has no exempt income u/s 80IB but taxable income on which tax comes to rs. 400000/- as per normal prov.of tax.
Whether prov. of 115JC apply in the fy 2013-14, whether firm can set off its AMT Credit against the tax as per normal prov. of tax?
Thanks in advance
27 December 2013
Hi
Yes set off can be claimed, if tax payable as per AMT is lesser.
Thanks//VaibhavJ
Yes set off can be claimed, if tax payable as per AMT is lesser.
Thanks//VaibhavJ
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