Alternate Minimum Tax(AMT)

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.... being a co-operative society referred to in clause (ii) of sub-section (4) of section 115JC, at the rate of fifteen per cent.; (ii) in any other case, at a rate of eighteen and one-half per cent.; MAHARASHTRA STATE ELECTRICITY BOARD VERSUS JOINT CIT - [2001 (8) TMI 310 - ITAT MUMBAI] Section 115J was introduced by the Finance Act, 1987 in the shape of MINIMUM CORPORATE TAX....

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....in the Departmental Circular No. 762 dated 18-2-1998. The relevant portion is reproduced here as under:-- "Alternate minimum tax on companies-- 46.1 In recent times, the number of zero-tax companies and companies paying marginal tax has grown. Studies have shown that in spite of the fact that companies have earned substantial book profits and have paid handsome di....

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....um explaining the provisions in the Finance (No. 2) Bill, 1996 categorize the amendment under the caption "Rationalisation and Simplification". The relevant portion is reproduced here as under:-- "RATIONALISATION AND SIMPLIFICATION Minimum Alternative tax on companies In recent times, the number of zero-tax companies and companies paying marginal tax has grown. ....