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
(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.