the new excel form ITR 4 for 2012-13 FY automatically calculates the deemed tax under 115JC (for 53.5 lakhs aggregate income) as 11.3 lakhs while using normal rates for induviduals it will be about 14 lakhs. tax at normal rates is shown as zero in the form....why is showing a lower tax value?
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Sec 115jc
Replies (4)
I am also having the same issue. If there is any solution, please leus know. thanks.
Subramanian
Same here. Can someone confirm if there is an error and what is the solution ?
Rgds
Arindam
IT IS DUE TO ALTERNATE MINIMUM TAX @ 18.5% ON ADJUSTED TOTAL INCOME
IT IS DUE TO ALTERNATE MINIMUM TAX @ 18.5% ON ADJUSTED TOTAL INCOME CALCULATED AS PER SEC 115JC(2) AND IT IS APPLICABLE FOR ON PERSONS OTHER THAN COMPANIES
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