whether AMT/MAT(18.5%) is applicable on LLP whose turnover during the FY 2020-2021 is below 20 lakhs..
kindly update me on this.. thank you in advance
1 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 24 December 2021
AMT provisions are not applicable to an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) and artificial juridical person whose adjusted total income does not exceed Rs 20,00,000. Therefore, this exemption based on monetary threshold of adjusted total income is not applicable to LLPs, partnership firms and other non-corporate assessees.
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