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Alternate minimum tax

329 views 1 replies

Zahid

Finance Manager

36 Points Joined November 2013

Sir I am going to give the examination of Intermediate Group-I of CMA. I want to know that should I show the tax liablity of an individual or huf by calculating AMT (Alternate Minimum Tax) even when it is not clearly said in the question to show and said only to calculate his total tax liablity. Please help me as soon as possible as I am very confuse. thank you

Replies (1)

Shivashish

Chartered Accountant

2796 Points Joined November 2011

Yes you should if it income exceeds Rs.20lacs....Further there is least possibility that AMT will apply in case of individual/HUF since they are not eligible for carrying out projects of 80IA,80IB, etc since this income is only added back while doing AMT calculations.

Thanks.