As Per Finance Act 2012 Every Assessee has been covered under alternate Minimum Tax Except Company which is covered under Minimun alternative Tax subject to certain conditions.
6 Replies
CA Gaurav Kaushik
(Practicing Chartered Accountant)
(123 Points)
Replied 25 February 2013
Yes AMT or Alternate Minimum Tax is applicable only on LLPs
challa Anji Reddy (CA Reddy)
(.)
(229 Points)
Replied 25 February 2013
All of u pls see new amendements AMT is applicaple for ALL ASSESSEES except Company because company covers under MAT
Before this year AMT only applicable to LLP but this is onwards AMT applicable for all w.e.f 1.4.2013
vineet
(article)
(57 Points)
Replied 25 February 2013
| Originally posted by : challa Anji Reddy (CA Reddy) | ||
 |
rgtly said.. gaurav and akshata , both of you need to update urself..
|
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KORGAONKAR ASSOCIATIES
(pratice)
(118 Points)
Replied 25 February 2013
rightly said its true AMT is for all other than company
Jasmeet Singh
(Audit Senior)
(911 Points)
Replied 26 February 2013
AMT is applicable in case of persons other than company. Till FY 2011-12, AMT is applicable only for
LLP. Finance Act 2012 had included Individual, HUF, AOP, BOI in the AMT purview.
Tax @ 18.5% of the adjusted book profit (if normal tax is less than 18.5% of book profit)
Education cess is applicable @ 3%
AMT will not be applicable for Individual, HUF, AOP, BOI if adjusted total income of such person
does not exceeds INR 20,00,000
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