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Dr. Vinok K. Singhania on the Income-tax Act, 1961
  • AMT credit quantum in the year when AMT not applicable

    by SURESH on Friday, August 25, 2017 at 01:13 PM

    Brought forward AMT CREDIT 5 lakh. AY2017-18 income 20 lakh from regular sources. Tax payable 6 lakh. No AMT attracted. No deductions claimed. The query: Whether full credit of 5 lakh of AMT against regular Tax of 6 lakh and Net Tax payable 1 lakh OR Though No liability of AMT, whether to calculate AMT notionally and adjust AMT credit 2.40 lakh and land up paying TAX of Rs 3.60 lakh equal to AMT.

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