Wednesday, April 11, 2012

Budget 2012- Alternate Minimum Tax (AMT) levy to be extended to all Persons, other than companies

Friends,
  • Alternate Minimum Tax (AMT) levy @18.50% to be extended to all persons claiming profit linked deduction, other than companies.   At present, only limited liability partnerships are subject to AMT.


  • However if the adjusted total income does not exceeds Rs. 20 Lakh for individuals, HUFs, AOPs, BOIs and Artificial Juridical Persons, the provisions for levy of Alternate Minimum Tax would not be applicable. 

Intense Debate Comments