Applicability of Alternative Minimum Tax - Section 115JC - Income Tax - Ready Reckoner - Income Tax

APPLICABILITY - Section 115JC All assessees except companies are liable to pay AMT if the tax payable under the normal provisions of Income tax is lesser than 18.5% of Adjusted Total Income (Plus surcharge and education cess). However, AMT shall not be payable if adjusted total income of such person (Individual, HUF, AOP, BOI, AJP) does not exceed 20 lakhs. Provisions of AMT are applicable to LLP and any other firm without any limit. The provisions of AMT shall apply to a person who has claimed any deduction under: section 80-IA to section 80 RRB (other than section 80P ) or section 10AA or section 35AD . As per section 115JC(5) , Provisions of this section shall not apply to the following w.e.f. 01 st April 2024 [Amendment by FA, 2023 ] - such person has exercised the option referred to in section 115BAC(5) or section 115BAD(5) or section 115BAE(5) ; or income-tax payable in respect of the total income of such person is computed under section 115BAC(1A) .