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            Minimum Tax Rule Forces Companies to Pay Fair Share Based on Book Profits Under Section 115JF

            The Alternate Minimum Tax (AMT) was introduced to address zero-tax companies that earn substantial book profits but pay minimal or no taxes. Under section 115JF, AMT is calculated at different rates based on the type of assessee: 9% for specific units, 15% for cooperative societies, and 18.5% for others. The provision aims to ensure companies pay a minimum tax on their book profits, preventing tax avoidance by compelling companies to pay a fair share of taxes based on their financial performance.

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