Alternate Minimum Tax

Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)

Income Tax - MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will underst...

AMT rate for co-operative societies proposed to reduce to 15%

Income Tax - Rationalization of provisions of the Act to promote the growth of co-operative societies Section 115JC of the Act, inter alia, provides for the alternate minimum tax (AMT) payable by co-operative societies, which is at the rate of 18.5%. However, vide the Taxation Laws (Amendment) Act, 2019, the Minimum Alternate Tax (MAT) rate for compan...

Alternate Minimum Tax – Applicability, Provisions & Calculation

Income Tax - MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alterna...

Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

Income Tax - Disclaimer: Before start reading, we would like to clear the fact that this write up is only meant for salaried class employees and not meant for individuals having business Income. As there are some differences in the scheme for the salaried and non-salaried class of persons. Little Background The date of submission of investment proof [...

All about Alternate Minimum Tax

Income Tax - Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax payable for such Previous Year, the Adjusted Total Income shall be deemed to be the total income of such person and he shall be liable to pay Income-tax on such Total Income at the rate of 18.5% [Section 115JC...

Co-Operatives To Pay AMT and Surcharge at Reduced Rate

Income Tax - The Government, in order to provide a level playing field between co-operative societies and companies proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget...

Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court) - The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?...

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Recent Posts in "Alternate Minimum Tax"

Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)

MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will underst...

Posted Under: Income Tax | ,

AMT rate for co-operative societies proposed to reduce to 15%

Rationalization of provisions of the Act to promote the growth of co-operative societies Section 115JC of the Act, inter alia, provides for the alternate minimum tax (AMT) payable by co-operative societies, which is at the rate of 18.5%. However, vide the Taxation Laws (Amendment) Act, 2019, the Minimum Alternate Tax (MAT) rate for compan...

Posted Under: Income Tax |

Co-Operatives To Pay AMT and Surcharge at Reduced Rate

The Government, in order to provide a level playing field between co-operative societies and companies proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget...

Posted Under: Income Tax |

Alternate Minimum Tax – Applicability, Provisions & Calculation

MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alterna...

Posted Under: Income Tax |

Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

Disclaimer: Before start reading, we would like to clear the fact that this write up is only meant for salaried class employees and not meant for individuals having business Income. As there are some differences in the scheme for the salaried and non-salaried class of persons. Little Background The date of submission of investment proof [...

Posted Under: Income Tax |

Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court)

The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?...

All about Alternate Minimum Tax

Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax payable for such Previous Year, the Adjusted Total Income shall be deemed to be the total income of such person and he shall be liable to pay Income-tax on such Total Income at the rate of 18.5% [Section 115JC...

Posted Under: Income Tax |

AMT Provisions under Income Tax Act 1961 (AY 2020-21)

Article explains what is Alternate Minimum Tax (AMT), When to Apply AMT and its rate , Need  For AMT, Applicability of Alternate Minimum Tax (AMT), Non Applicability of Alternate Minimum Tax (AMT), Rate of AMT, Credit & carry Forward of AMT, Some Key Points related to AMT  and calculation of AMT with the help of example....

Posted Under: Income Tax | ,

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