If someone adopted a Presumptive taxation and having a turnover of less than 2 crores and having 30 lakh profit then do AMT will interfere with tax computation presumptive rate ?
1) If calculated the Normal way on a normal tax slab of 30 Lakh then 6,63,000 is tax liability
2) If using AMT 15% of 30 Lakh then 4,50,000 (so normal tax is higher so 6,63,000 will be considered as AMT)
3) If followed Presumptive Scheme then tax liability will be 0 because 6% of 30 Lakh is non-taxable
So what tax liability will be considered ?
And if I am generating this income from the special economic zone (10AA)? Does this mean that even if my income will entitle to 100% tax-free but still due to AMT rule I have to Pay tax?
CAclubindia
