The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability partnerships. In order to moderate the outgo of profit linked deductions, the Finance Minister in the year 2012, extended the levy of this tax to all non corporate assesses.
The onerous responsibility to verify the correctness of the adjusted total incomeand the alternate minimum tax computed in accordance with the requirements of the law was posed on the chartered accountants, who are required to issue a report in the prescribed format.To enable our members to discharge their responsibility in an efficient and effective manner, the Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with this Guidance Note.
Download Guidance Guidance Note on Report under section 115JC of the Income-tax Act, 1961
Source- ICAI
