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of <h1>Finance Bill 2012: New Section 115JC Enforces 18.5% Alternate Minimum Tax on Adjusted Income from April 1, 2013.</h1> Clause 48 of the Finance Bill, 2012 proposes to replace section 115JC of the Income-tax Act, effective from April 1, 2013. The new section mandates that if the regular income tax payable by a person, excluding companies, is less than the alternate minimum tax for a previous year, the adjusted total income is deemed as the total income, taxed at 18.5%. Adjusted total income includes total income before Chapter XII-BA adjustments, increased by certain deductions under Chapter VI-A (excluding section 80P) and section 10AA. A report from an accountant certifying these computations is required by the tax return filing deadline.
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