Hi, we are a partnership firm, two equal partners, and have a unit in SEZ. Since 2011-12 we have been paying AMT @ 18.5%. I would like to know how is this AMT adjusted and will any change in the partnership mean that we can not claim AMT?
Asked 12 months ago in Income Tax from Delhi, Delhi
AMT Can be claimed against normal tax liability if any tax is payable as normal tax rate in any subsequent 8 Years from tax paid as AMT. After 8 Years it will lapse.
In case you change partnership with more than 50% of change (In your case being only two equal partner it will fall into this category), AMT Shall not be carry forward and it will lapse.
Talk to Vishrut Rajesh Shah
4.8 on 5.0
The amount of AMT paid by you can be carried forward and adjusted upto 10 Assessement Year from the end of the Assessment Year for which the Tax Credit is claimed.
So you can adjust your AMT in the year in which your Tax Payable on Adjusted Income is higher than the AMT.
Hope this clarifies your Query.
Feel Free to get back for any further clarifications.
CA Rohit R Sharma.
Talk to Rohit R Sharma
5.0 on 5.0
can you just explain this in a larger sense for more clarity.
Talk to Shyam Sunder Modani
4.7 on 5.0