BUDGET 2014-15: Alternate Minimum Tax - Persons Other than a Company

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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