Section 115JC of Income Tax Act "Special provisions for payment of tax by certain persons other than a company"
Section 115JC. (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by-
(i) deductions claimed, if any, under any section (other than section 80P) included in Chapter VI-A under the heading "C.-Deductions in respect of certain incomes";
(ii) deduction claimed, if any, under section 10AA [; and]
[(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.]
(3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed82, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.
What is Tax on investment income and long-term capital gains? What is the meaning of Capital gains on transfer of foreign exchange assets not to be charged in certain cases? Section 115E and 115F of Income Tax Act 1961
What is the meaning of Return of income not to be filed in certain cases? What are the Benefit under Chapter to be available in certain cases even after the assessee becomes resident? Section 115G and 115H of Income Tax Act 1961