Hi
Is it necessary to consider AMT( Alternative Minimum Tax) while computing TDS on Salary -from A.Y 13-14 AMT is app for Individuals also
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Salary its meaning & how to calculate tds on salary easily
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Hi
Is it necessary to consider AMT( Alternative Minimum Tax) while computing TDS on Salary -from A.Y 13-14 AMT is app for Individuals also
| Originally posted by : arunaajay | ||
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Hi Is it necessary to consider AMT( Alternative Minimum Tax) while computing TDS on Salary -from A.Y 13-14 AMT is app for Individuals also |
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Yes, however It is further provided that the provisions of AMT under Chapter XII-BA shall not apply to an individual or a Hindu undivided family or an association of persons or a body of individuals (whether incorporated or not) or an artificial juridical person referred to in section 2(31)(vii) if the adjusted total income of such person does not exceed twenty lakh rupees.
It has been provided that anyone who claims any of the following deduction shall be liable to pay alternate minimum tax @ 18.5 % of adjusted total income.
1. 10A Special provision in respect of newly established undertakings in free trade zone, etc.
2. 80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel
business in backward areas
3. 80HHA Deduction in respect of profits and gains from newly established small-scale industrial
undertakings in certain areas
4. 80HHB Deduction in respect of profits and gains from projects outside India
5. 80HHBA Deduction in respect of profits and gains from housing projects in certain cases
6. 80HHC Deduction in respect of profits retained for export business
7. 80HHD Deduction in respect of earnings in convertible foreign exchange
8. 80HHE Deduction in respect of profits from export of computer software, etc.
9. 80HHF Deduction in respect of profits and gains from export or transfer of film software, etc.
10. 80-I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
11. 80-IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in
infrastructure development, etc.
12. 80-IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development
of Special Economic Zone
13. 80-IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure
development undertakings
14. 80-IC Special provisions in respect of certain undertakings or enterprises in certain special category States
15. 80-ID Deduction in respect of profits and gains from business of hotels and convention centres in specified
area
16. 80-IE Special provisions in respect of certain undertakings in North-Eastern States
17. 80JJA Deduction in respect of profits and gains from business of collecting and processing of biodegradable waste
18. 80JJAA Deduction in respect of employment of new workmen
19. 80LA Deductions in respect of certain incomes of Offshore Banking Units and International Financial
Services Centre
20. 80-O Deduction in respect of royalties, etc., from certain foreign enterprises
21. 80Q Deduction in respect of profits and gains from the business of publication of books
22. 80QQADeduction in respect of professional income of authors of text books in Indian languages
23. 80QQB Deduction in respect of royalty income, etc., of authors of certain books other than text books
24. 80R Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers,
etc.
so in my view salaried people seldom claaims such deduction and will be out of purview of AMT to be introduced.
Bookmarked.... Good job Vaibhav.. Thanks for sharing. Keep Sharing......
Good Job....& Keep sharing
| Originally posted by : Dhanya Sreedhar | ||
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Good Job....& Keep sharing |
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thanks
thanks a lot for sharing..
Hi friends,
I will appreciate any questions, query or feedback from your end.
cheerz n Merry Xmas to all..
| Originally posted by : Hardik Dave | ||
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Realy important and wonderul article.smile. Thanku for sharing, keep sharing. |
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Bhayya....can u plz attach soft copy of your post for us ..!!
good Work Mr. Vaibhav
| Originally posted by : PHANI KUMAR VANAMALA | ||
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Bhayya....can u plz attach soft copy of your post for us ..!! |
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yep for sure!!
| Originally posted by : @ VaibhavJ | ||
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Originally posted by : PHANI KUMAR VANAMALA Bhayya....can u plz attach soft copy of your post for us ..!! yep for sure!! |
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Bhayya......wrong rate taken by you for Super Senior citizen...check it ones....!!
For Citizen above 80 Years:
| Upto Rs. 5,00,000 | Nil |
| From Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
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