Chapter I|Chapter II|Chapter III|Chapter IV|Chapter V|Chapter VI|Chapter VIA|Chapter VII|Chapter VIII|Chapter IX|Chapter X|Chapter X-A|Chapter XI – Chapter XII|Chapter XII-A|Chapter XII-B|Chapter XII-BA|Chapter XII-BB|Chapter XII-BC|Chapter XII-C|Chapter XII-D|Chapter XII-DA|Chapter XII-E|Chapter XII-EA|Chapter XII-EB|Chapter XII-F|Chapter XII-FA|Chapter XII-FB|Chapter XII-G|Chapter XII-H|Chapter XIII|Chapter XIV|Chapter XIV-A|Chapter XIV-B|Chapter XV|Chapter XVI|Chapter XVII|Chapter XVIII|Chapter XIX|Chapter XIX-A|Chapter XIX-B|Chapter XX|Chapter XX-A|Chapter XX-B|Chapter XX-C|Chapter XXI|Chapter XXII|Chapter XXIIB|Chapter – XXIII
SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS OTHER THAN A COMPANY
115JC. Special provisions for payment of tax by certain persons other than a company.
(1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by—
(i)deductions claimed, if any, under any section (other than section 80P) included in Chapter VI-A under the heading “C.—Deductions in respect of certain incomes”;
(ii)deduction claimed, if any, under section 10AA ; and
(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.
(3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed81a, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.
115JD. Tax credit for alternate minimum tax.
(1) The credit for tax paid by a person under section 115JC shall be allowed to him in accordance with the provisions of this section.
(2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular income-tax payable of that year.
Following proviso shall be inserted in sub-section (2) of section 115JD by the Finance Act, 2017, w.e.f. 1-4-2018 :
Provided that where the amount of tax credit in respect of any income-tax paid in any country or specified territory outside India under section 90 or section 90A or section 91, allowed against the alternate minimum tax payable, exceeds the amount of the tax credit admissible against the regular income-tax payable by the assessee, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored.
(3) No interest shall be payable on tax credit allowed under sub-section (1).
(4) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (5) and (6) but such carry forward shall not be allowed beyond the 82[tenth] assessment year immediately succeeding the assessment year for which tax credit becomes allowable under sub-section (1).
(5) In any assessment year in which the regular income-tax exceeds the alternate minimum tax, the tax credit shall be allowed to be set off to the extent of the excess of regular income-tax over the alternate minimum tax and the balance of the tax credit, if any, shall be carried forward.
(6) If the amount of regular income-tax or the alternate minimum tax is reduced or increased as a result of any order passed under this Act, the amount of tax credit allowed under this section shall also be varied accordingly.
115JE. Application of other provisions of this Act.
Save as otherwise provided in this Chapter, all other provisions of this Act shall apply to a person referred to in this Chapter.
115JEE. Application of this Chapter to certain persons.
(1) The provisions of this Chapter shall apply to a person who has claimed any deduction under—
(a)any section (other than section 80P) included in Chapter VI-A under the heading “C.—Deductions in respect of certain incomes”; or
(b)section 10AA; or
(2) The provisions of this Chapter shall not apply to an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, if the adjusted total income of such person does not exceed twenty lakh rupees.
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD.
115JF. Interpretation in this Chapter.
In this Chapter—
(a)”accountant” shall have the same meaning as in the Explanation below sub-section (2) of section 288;
(b)”alternate minimum tax” means the amount of tax computed on adjusted total income at a rate of eighteen and one-half per cent;
(d)”regular income-tax” means the income-tax payable for a previous year by a person on his total income in accordance with the provisions of this Act other than the provisions of this Chapter.