TaxTMI 
TaxTMI 
Special provision for minimum alternate tax and alternate minimum tax.
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....k profit or adjusted total income A B C 1. A company, other than a unit as referred to against serial number 2. 15% of book profit. 2. A unit, being a company located in an International Financial Services Centre and derives its income solely in convertible foreign exchange. 9% of book profit. 3. A person, other than-- (a) a company; (b) a co-operative society; (c) a unit as referred to against serial number 4. 18.5% of adjusted total income. 4. A unit, being a person other than a company located in an International Financial Services Centre and derives its income solely in convertible foreign exchange. 9% of adjusted total income. 5. A co-operative society. 15% of adjusted total income. Note 1:-Adjusted total income, for the purposes of Sl. Nos. 3, 4 and 5 shall be the total income before giving effect to this section, as increased by deductions claimed, if any, under- (a) any section (other than section 149) included in Chapter VIII-C; (b) section 144; and (c) section 46 as reduced by depreciation allowable as per the provisions of section 33, as if no deduction was allo....
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....d to the statement of profit and loss; and (k) such amounts mentioned in column C of the Table under sub-section (4), in case of an assessee mentioned in column B of the said Table. (a) The amount withdrawn from any reserve or provision, where,-- (i) any such amount is credited to the statement of profit and loss (excluding a reserve created before the 1st April, 1997 otherwise than by way of a debit to the statement of profit and loss); and (ii) the book profit of such year has been increased by those reserves or provisions out of which the said amount was withdrawn; (b) income to which any of the provisions of section 11 apply or any regular income of a registered non-profit organisation referred in section 335, if any such amount is credited to the statement of profit and loss; (c) depreciation debited to the statement of profit and loss excluding the depreciation on account of revaluation of assets; (d) the amount withdrawn from revaluation reserve and credited to the statement of profit and loss, to the extent it does not exceed depreciation on account of revaluation of assets referred to in clause (c); (e) deferred tax, if any such amount i....
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....rt, is at a rate less than the rate specified in sub-section (1). 3. A company, which has transferred any capital asset, being share of a special purpose vehicle to a business trust Amount referred to in Note, if any such amount is debited to the statement of profit and loss. Amount referred to in Note, if any such amount is credited to the statement of profit and loss. Note: The amount representing-- (a) the notional loss on transfer of such capital asset, to a business trust in exchange of units allotted by the trust referred to in section 70(1)(zi); or (b) the notional loss resulting from any change in carrying amount of the said units; or (c) the loss on transfer of units referred to in section 70(1)(zi). 4. A company, which has transferred any capital asset, as referred to against serial number 3 Gain on transfer of units referred to in Note Loss on transfer of units referred to in Note. Note: Units referred to in section 70(1)(zi), computed by taking into account the cost of the shares exchanged with units referred to in the said clause, or the carrying amount of the shares at the time of exchange, where such shares are....
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....d. (a) All amounts debited to the statement of profit and loss as referred in Note 1; (b) the amounts or aggregate of the amounts credited to the statement of profit and loss on distribution as referred in Note 2; (c) one-fifth of the transition amount, in the year of convergence and each of the following four tax years, if such amount is not increased; (d) the amount or the aggregate of the amounts referred to in Note 3, if such amount is not increased; (f) the amount or the aggregate of the amounts referred to in Note 4, if such amount is not increased. Note 1: Other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss", excluding- (i) revaluation surplus for assets as per the Indian Accounting Standards 16 and Indian Accounting Standards 38; or (ii) gains or losses from investments in equity instruments designated at fair value through other comprehensive income as per the Indian Accounting Standards 109; and the amount or the aggregate of the amounts referred to in clause (a) (i) and (ii) for the tax year or any of the preceding tax years, and relatable to such asse....
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....ies; or (c) its total income comprises solely of profits and gains from business referred to in section 61(2)(Table: Sl. Nos. 1, 3, 4 and 5), and such income has been offered to tax at the rates specified in the respective sections. (7) In the case of a resulting company, where the property and the liabilities of the undertaking or undertakings being received by it are recorded at values different from the values appearing in the books of account of the demerged company immediately before the demerger, any change in such value shall be ignored for the purpose of computation of book profit of the resulting company under this section. (8) In the case of an assessee being a company, where-- (a) there is an increase in book profit of the tax year due to income of past year or years included in the book profit on account of-- (i) an advance pricing agreement entered into by the assessee under section 168; or (ii) a secondary adjustment required to be made under section 170; and (b) the assessee has not utilised the credit of tax paid under this section in any subsequent tax year under sub-section (13), the Assessing Officer shall, on....
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....) exceeds such tax credit admissible against the tax payable by the assessee on its income as per the other provisions of this Act, then, while computing the credit under sub-section (13), such excess amount shall be ignored. (15) Tax credit determined under sub-section (13) shall be carried forward and-- (a) set off in a year, when tax becomes payable on the total income computed as per the provisions of this Act exceeds tax determined under sub-section (1); and (b) such set off in respect of brought forward tax credit shall be allowed for any tax year to the extent of the difference between the tax on his total income and the tax which would have been payable under the provisions of sub-section (1) for that tax year, and such carry forward shall not be allowed beyond the fifteenth tax year immediately succeeding the tax year in which the tax credit becomes allowable under sub-section (13). (16) Where as a result of any order passed under this Act, tax payable under this Act is reduced or increased, tax credit allowed under sub-section (13) shall also be increased or reduced accordingly. (17) In case of conversion of a private company or unlisted publ....