Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Alternate Minimum Tax: adjusted total income deemed the taxable income and subject to an alternate tax rate, with limited exclusions. If a non-corporate person's regular income-tax is less than the alternate minimum tax, the adjusted total income is deemed the total income and taxed at the alternate minimum tax rate. Adjusted total income equals total income before this Chapter increased by add-backs of deductions claimed under Chapter VI-A, the deduction for certain new undertakings, and an adjustment to investment-linked deductions to offset depreciation. The person must obtain and furnish an accountant's report certifying correct computation by the prescribed date. Specified exceptions for IFSC units deriving convertible foreign exchange income, co-operative societies, and taxpayers under certain optional regimes apply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Alternate Minimum Tax: adjusted total income deemed the taxable income and subject to an alternate tax rate, with limited exclusions.
If a non-corporate person's regular income-tax is less than the alternate minimum tax, the adjusted total income is deemed the total income and taxed at the alternate minimum tax rate. Adjusted total income equals total income before this Chapter increased by add-backs of deductions claimed under Chapter VI-A, the deduction for certain new undertakings, and an adjustment to investment-linked deductions to offset depreciation. The person must obtain and furnish an accountant's report certifying correct computation by the prescribed date. Specified exceptions for IFSC units deriving convertible foreign exchange income, co-operative societies, and taxpayers under certain optional regimes apply.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
