What is Tax credit for alternate minimum tax? What is Application of other provisions of this Act? Section 115JD and 115JE of Income Tax Act 1961

Tax credit for alternate minimum tax and Application of other provisions of this Act are defined under sections 115JD and 115JE of Income Tax Act 1961. Provisions under these Sections are :

Section 115JD of Income Tax Act "Tax credit for alternate minimum tax"

Section 115JD. (1) The credit for tax paid by a person under section 115JC shall be allowed to him in accordance with the provisions of this section.

(2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular income-tax payable of that year.

(3) No interest shall be payable on tax credit allowed under sub-section (1).

(4) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (5) and (6) but such carry forward shall not be allowed beyond the tenth assessment year immediately succeeding the assessment year for which tax credit becomes allowable under sub-section (1).

 

(5) In any assessment year in which the regular income-tax exceeds the alternate minimum tax, the tax credit shall be allowed to be set off to the extent of the excess of regular income-tax over the alternate minimum tax and the balance of the tax credit, if any, shall be carried forward.

(6) If the amount of regular income-tax or the alternate minimum tax is reduced or increased as a result of any order passed under this Act, the amount of tax credit allowed under this section shall also be varied accordingly.

 

Section 115JE of Income Tax Act "Application of other provisions of this Act"

Section 115JE. Save as otherwise provided in this Chapter, all other provisions of this Act shall apply to a person referred to in this Chapter.

Home     About Us     Privacy Policy     Disclaimer     Sitemap