Alternate Minimum Tax (AMT) - Persons Other than a
Company
(1) AMT is applicable to persons other than Company
(2) AMT is levied at 18.5% of the adjusted total Income in
case of persons other than a Company where income-tax payable on the total
income (according to the normal provisions of the Act) is less than 18.5% of
the adjusted total Income
(3) AMT will not apply to an Individual, * HUF, AOP, BOI or an
Artificial Judicial Person if the adjusted total income of such person does not
exceed Rs. 2,000,000
(4) A 10% surcharge is applicable if the adjusted total
income exceeds Rs. 10,000,000. Marginal relief available
(5) A 3% education cess is applicable on income-tax
(inclusive of surcharge, in any)
(6) AMT credit is available for ten (10) years.
* HUF - Hindu Undivided Family
AOP - Association of Persons
BOI - Body of Individuals
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