Is an LLP subject to the provisions of MAT u/s 115JB of the IT Act, 1961?
if yes, then it is applicable from which assessment year?
CA., CS. swati agarwal (Sr Manager-Accounts) (108 Points)
28 December 2011Is an LLP subject to the provisions of MAT u/s 115JB of the IT Act, 1961?
if yes, then it is applicable from which assessment year?
CA Ketan Waghela
(Partner at Elite Educare)
(356 Points)
Replied 28 December 2011
Swati ji,
LLPs are covered under provisions of section 115JC and not u/s 115JB.
LLPs shall be subject to alternate minimum tax @ 18.5 percent on the adjusted total income as per the income tax provisions as against book profit in case of AMT (Alternate Minimum Tax).
The new tax named alternate minimum tax shall be levied w.e.f. 1 April 2011 and thus shall apply to A.Y. 2012-13 and in subsequent years.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 29 December 2011
| Originally posted by : Ketan Waghela | ||
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Swati ji, LLPs are covered under provisions of section 115JC and not u/s 115JB. LLPs shall be subject to alternate minimum tax @ 18.5 percent on the adjusted total income as per the income tax provisions as against book profit in case of AMT (Alternate Minimum Tax). The new tax named alternate minimum tax shall be levied w.e.f. 1 April 2011 and thus shall apply to A.Y. 2012-13 and in subsequent years. |
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totally agreed with Mr Ketan.... and thank you to Mr ketan
CA., CS. swati agarwal
(Sr Manager-Accounts)
(108 Points)
Replied 16 March 2012
thank you for the information.
well, one more thing?
is there any difference in the provisions realting to the computation of book profits of the LLP from those used in computing thr book profits of company assessee?
Sonam Bidasaria
(CA)
(770 Points)
Replied 20 March 2012
In case of LLP, the term "Book Profit" is replaced with "Adjusted Total Income".
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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