When does a senior citizen have to pay Minimum Alternate Tax
Menu
Who pays Minimum Alternate Tax
Replies (3)
Quick Summary
MAT is applicable to all companies, including foreign companies. MAT is calculated under Section 115JB of the Income-tax Act. MAT is not applicable to individuals.
Rather AMT allies to individuals,,, 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 of such person exceeds Rs. 20,00,000.
Sec 115jb is applicable for companies .
MAT isn't for individuals:
• Minimum Alternate Tax (Sec 115JB) applies only to companies (not covered by 115BAA/115BAB). It doesn't apply to individuals, including senior citizens.
• Individuals, HUFs, firms and LLPs claiming specified deductions (e.g. Chapter VI-A Part C profit-linked deductions like 80-IA, 10AA) may be liable to Alternate Minimum Tax (AMT, Sec 115JC), if their adjusted total income exceeds Rs 20 lakh. For most individuals (salary, 80C), AMT doesn't apply.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
