Individuals
are also liable to Alternate Minimum Tax (115JEE) from A/Y 2013-2014

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/-

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

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
|

18.5%

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.

Alternate Minimum Tax –
Regular Income Tax = Available Tax Credit
Setoff and carry forward
= up to 10th immediately succeeding A/Y when credit become
allowable.

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
|
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