When does a senior citizen have to pay Minimum Alternate Tax
sfunds.2014 (retired) (100 Points)
21 June 2023When does a senior citizen have to pay Minimum Alternate Tax
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 Points)
Replied 21 June 2023
MAT is applicable to all companies, including foreign companies. MAT is calculated under Section 115JB of the Income-tax Act. MAT is not applicable to individuals.
Rather AMT allies to individuals,,, the provisions of AMT shall apply to an individual or a Hindu undivided family or an association of persons or a body of individuals (whether incorporated or not) or an artificial juridical person only if the adjusted total income of such person exceeds Rs. 20,00,000.
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