Alternate Minimum Tax(AMT)

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..... g a co-operative society referred to in clause (ii) of sub-section (4) of section 115JC, at the rate of fifteen per cent.; (ii) in any other case, at a rate of eighteen and one-half per cent.; MAHARASHTRA STATE ELECTRICITY BOARD.- [ 2001 (8) TMI 310 - ITAT MUMBAI] 11. Section 115J was introduced by the Finance Act, 1987 in the shape of MINIMUM CORPORATE TAX ON BOOK PROFITS of the ZERO TAX COMPANIE .....

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..... tax on companies-- 46.1 In recent times, the number of zero- tax companies and companies paying marginal tax has grown. Studies have shown that in spite of the fact that companies have earned substantial book profits and have paid handsome dividends, no tax has been paid by them to the exchequer. 46.2 The Finance (No. 2) Act, 1996, has inserted a new section 115JA of the Income-tax Act, so as to .....

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..... nimum Alternative tax on companies In recent times, the number of zero-tax companies and companies paying marginal tax has grown. Studies have shown that inspite of the fact that companies have earned substantial book profits and have paid handsome dividends, no tax has been paid by them to the exchequer. The new proposal provides for those companies to pay tax on 30% of the book profits, whose to .....

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