Alternate minimum tax rate changes: preferential AMT for IFSC units and a specified AMT rate for co-operative societies. The amendment substitutes sub-section (4) to provide that, notwithstanding the general AMT rule treating adjusted total income as the taxpayer's total ... Summary
Alternate minimum tax rate changes: preferential AMT for IFSC units and a specified AMT rate for co-operative societies.
The amendment substitutes sub-section (4) to provide that, notwithstanding the general AMT rule treating adjusted total income as the taxpayer's total income where AMT exceeds regular tax, a unit in an International Financial Services Centre deriving income solely in convertible foreign exchange shall be subject to a preferential AMT rate, and a co-operative society shall be subject to a specified concessional AMT rate; the change takes effect from 1 April 2023 and applies to the assessment year 2023-2024 and thereafter.
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