HI...
PLEASE ANSWER BELOW MENTIONED QUERY...
ABC LLP HAD BUSINESS INCOME OF RS 10 LAKHS AND INCOME FROM HOUSE PROPERTY 40 LAKHS.
AFTER 30% STANDARD DEDUCTION UNDER HOUSE PROPERTY INCOME, INCOME CHARGEABLE UNDER THE HP 28 LAKHS.
INCOME TAX PAYABLE UNDER NORMAL PROVISION OF INCOME TAX IS RS 11.40 LAKHS + CESS.
PLEASE LET ME KNOW HOW MUCH INCOME CHARGEABLE UNDER AMT PROVISIONS.
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AMT CALCULATION
Replies (1)
AMT is charged @ 18.5% on adjusted income which is income before deduction under chapter VI-A 10AA OR 35 AD...
if tax on this adjusted income is more than normal tax then AMT is to be paid otherwise normal tax is to be paid
in ur case normal tax rate is 30% and no adjustments are needed for section 115jc hence tax as per normal provision would be higher
standard deduction from house property income need not to be adjusted as per 115jc
if tax on this adjusted income is more than normal tax then AMT is to be paid otherwise normal tax is to be paid
in ur case normal tax rate is 30% and no adjustments are needed for section 115jc hence tax as per normal provision would be higher
standard deduction from house property income need not to be adjusted as per 115jc
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