Individuals
are also liable to Alternate Minimum Tax (115JEE) from A/Y 2013-2014
Section
115JEE (2)
Individual,
HUF,
AOP,
BOI
Whether incorporated or
not or
Artificial judicial
person u/s 2(31)(vii)
Are NOT Covered under
provision of chapter-XII-BA (i.e. AMT.)
WHEN
Adjusted
total income of such person does not exceed ₹20,00,000/-
Section
115JEE (1)
Provision of
Chapter-XII-BA (i.e. AMT.) shall apply
to
A Person other than a company
Who has
claimed deduction under
o
Any section (other than 80P) included in Chapter
VI-A “C- Deduction in respect of certain incomes”
Or
o
Section 10AA.
AND
Regular income tax payable < Alternate minimum
tax Payable
Calculation
of Adjusted Total Income
Total income
|
-
|
Add:
|
|
1. Deduction claimed
under any section (other than 80P) included in chapter VI-A “C- Deduction in respect of certain incomes”
|
-
|
2. Deduction claimed
U/S 10AA.
|
-
|
Adjusted
Total Income
|
XXX
|
Rate of tax
115JC
18.5%
CA
Certificate 115JC(3)
Every person covered
under section 115JC shall obtain a certificate from accountant certifying that adjusted
total income and AMT has been calculated in accordance with provisions.
Tax Credit
& setoff & Carry forward 115JD
Alternate Minimum Tax –
Regular Income Tax = Available Tax Credit
Setoff and carry forward
= up to 10th immediately succeeding A/Y when credit become
allowable.
Ex. Of a Case
when basic exemption limit benifit will not be available and he will be liable
to higher tax rates
Taxable
income from PGBP/Salary/HP/OS
|
7,00,000
|
Short term capital
gain U/s 111A
|
22,00,000
|
Total
Income
|
29,00,000
|
Tax payable on regular income
|
|
15% on STT
STCG
|
3,30,000
|
On balance
income under slab
|
70,000
|
Total Tax A
|
4,00,000
|
Tax payable on Adjusted total income
|
|
AMT Payable on
29,00,000 @ 18.5% B
|
5,36,500
|
Additional
tax Liability (B-A)
|
1,36,500
|
____________________________________________________________________
For suggestions and feedback
please feel free to contact us via e-mail; dhruvjain1987@yahoo.co.in or you can log on to our
website: http://dhruvjainassociates.in/contact
___________________________________________________________________________________
This blog is the property of Dhruv Jain &
Associates. Any form of reproduction, dissemination, copying, disclosure,
modification, distribution and/or publication of the content of blog or of the
blog itself without the prior written
consent of the author of this blog is strictly prohibited and doing so will
attract legal proceedings. Any views or opinions presented in this blog post
are solely those of the author and for informative purpose only and should not
be treated /used as guiding rule or professional consultancy in any case. The
matter of discussion is highly sensitive to the amendments made by the
government under various laws and may not be updated as per the changes.
Readers are suggested to take prior professional consultancy of experts before
using the blog or its material in any way.
___________________________________________________________________________________
No comments:
Post a Comment