Minimum alternate tax and alternate minimum tax apply through book-profit and adjusted-income rules, credit carry-forward, and specified exclusions. Minimum alternate tax applies to companies where income-tax on total income is less than tax on book profit, in which case book profit is deemed to be total income and tax is charged at the prescribed rate, subject to detailed adjustments to book profit for reserves, provisions, depreciation, deferred tax, exempt income, revaluation items, and specified special cases. Alternate minimum tax applies to persons other than companies on adjusted total income when regular tax is lower, with prescribed rates, tax credit, carry forward and set-off rules, exclusions, and reporting requirements.