Section 115JC

Tax queries 294 views 3 replies

Praveen Kumar

Junior Accountant

23 Points Joined December 2016

My queries are: Applicability of Section 115JC on Individual in case of LTCG and STCG.

You can see the attachment for further details.

1) Long term capital gain upto Rs.100,000/- is exempted. Hence LTCG of Rs.24,980/- which is far below than Rs.100,000/- has been excluded from Net Capital Gain Income. So as per self computation my net income from capital gain is Rs.11,345/- and as per 143 (1) it is Rs.36,323/-. Due to this my total income after deductions is below Rs.500,000/- i.e Rs.495,307/-. Hence as per self computation I am eligible for rebate u/s 87A upto Rs.12,500/- and therefore no tax is payable from my side. However, Rs.10,000/- has been deducted as TDS and Rs.3,880/- deposited vide Self Assessment Tax. Therefore, I request you to Kindly refund the total amount Rs.13,880/-.

2) Deemed Income Under Section 115JC, whereas it is not applicable on me.

Attached File : 1722807 20221125122823 caclub india.pdf downloaded: 8 times

Replies (3)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

198123 Points Joined July 2016

AMT as per sec. 115JC is applicable only if your total adjusted income is Rs. 20 lakhs or more. In your case it is not applicable.

Praveen Kumar

Junior Accountant

23 Points Joined December 2016

Sir, If 115JC is not applicable on me and Income Tax Department has applied it on me as per 143(1). Then what are the options available to me. I have raised the Grievance on portal but did not receive any reply from them for a more than a month now.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

198123 Points Joined July 2016

Basic provisions relating to applicability of the AMT to different taxpayers
The provisions of AMT will apply to every non-corporate taxpayer who has claimed (i) deduction under section 80H to 80RRB (except 80P), (ii) deduction under section 35AD and (iii) deduction under section 10AA. Thus, the provisions of AMT are not applicable to a non- corporate taxpayer who has not claimed any deduction under above discussed sections. However, following points should be kept in mind in this regard.

The provisions of AMT shall 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 only if the adjusted total income (discussed later) of such person exceeds Rs. 20,00,000.(Section 115JEE)

The provisions of AMT shall apply to every other person (i.e., other than an individual or a HUF or an AOP/BOI or an artificial juridical person) irrespective of its income. For definition of a person refer to section 2(31).

Further the provisions of AMT are not applicable to a person who has exercised the concessional tax regime available under section 115BAC or section 11BAD.

Extracted from ....

https://incometaxindia.gov.in/Tutorials/10.mat-and-amt.pdf