| Question And Answer | |
|---|---|
| Subject: | Alternate Minimum Tax |
| Category: | Income-Tax |
| Querist: | Rajarajeswaran P V |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | 115JD, Alternative minimum tax, MAT, S. 115JC |
| Date: | December 24, 2023 |
Sir, the assessee is a non resident. Her ESOP shares were sold in the financial year 20-21. The tax is paid under the head capital gains (Short term). The quantum of taxable income is Rs.106 Lakhs. She has no other income in India in any of the subsequent years or earlier years. The short term tax rate is 15%. There is a view that AMT is applicable. For that year the AMT rate was 18.5%. Please clarify on the applicability of AMT.
According to sections 115JC and 115JD of the Income-tax Act, 1961, the provisions of Alternate Minimum Tax are only applicable to the individuals who are claiming profit linked deductions viz. Heading C of Chapter VIA or section 35AD, et cetera. Therefore, these provisions would not be attracted in the case of the assessee.