ALTERNATE MINIMUM TAX ON PERSONS OTHER THAN A COMPANY

Chapter XII-BA for levy of Alternative Minimum Tax on persons other than a company have been inserted by the Finance Act, 2011 w.e.f. Assessment Year 2012-13. Charge of Alternative Minimum Tax (Section 115JC(1)) Applicable To : a person other than a company Condition : if Regular Income Tax < (is less than) Alternate Minimum Tax…