20 March 2012
The Budget proposes to levy AMT @ 18.5 % on persons other than companies. It also says that AMT is applicable to such pesons who have claimed deduction under any section included in chapter VI A heading C.
My query is that a partnership firm not claiming any deduction under chapter VIA C. Will AMT be applicable to it, if it has tax free income from sale of equity mutual funds on which STT is paid.
CAclubindia
