Hey, my taxable income is less than after all the eligible deductions and I have not claimed any deductions
under 10AA, 35AD, 80H to 80RRB. Also, my income is less than Rs. 20 Lakh
In my Form 16, there is no tax as my taxable income is less than 5 Lakh, and no TDS is deducted in the last year.
But, still, my ITR 2 shows that I need to pay Tax as per Total Income of 115JC AMT.
My details are as follows -
Salary = 867815
DEDUCTIONS
Basic Exemption = 50,000
HRA = 16324
The total amount of any other exemption under section 10 = 5362
Tax on employment under section 16(iii) = 2400
House Property Loss - Rs. 2,00,000
80(C) - 1,50,000
LTCG = 50,000
STCG = 1,000
Total taxable income = 453729
But still while filling, ITR There is the message that I need to pay Minimum Tax as per 115JC AMT.
Please help !
CAclubindia
