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of <h1>Section 115JC: LLPs to Pay 18.5% AMT if Regular Tax Falls Short; AMT Credit Carried Forward 10 Years</h1> Chapter XII-BA of the Income-tax Act, effective April 1, 2012, introduces special tax provisions for certain limited liability partnerships (LLPs). Section 115JC mandates that if the regular income tax of an LLP is less than the alternate minimum tax (AMT), the LLP must pay tax on its adjusted total income at 18.5%. Adjusted total income includes specific deductions under Chapter VI-A and section 10AA. Section 115JD allows LLPs to claim a tax credit for AMT paid, which can be carried forward for up to ten years. Other provisions of the Income-tax Act apply unless specified otherwise in this chapter.
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