dear members,
i have a problem while filing my return for assessment year 2013-2014. I have 2 souces of income, one is business income(proprietorship concern) and the other is long term capital gain arising out sale of commercial property, which is chargeable at 20%
I am filing ITR4.. business income is 600000 and capital gain is 2000000 . So taxable income is 2600000 after deductions
i have only claimed deductions under 80TTA for interest on savings account in bank.
While filing the return, Alernative minimum tax is self entered and i my tax is calculated accoring AMT @ 18.5% since its higher than normal rates.
I am not claiming any deduction under chapter VI-A under heading C nor am i claiming any deduction under 10AA
so why am i being covered under AMT??
CAclubindia
