Alternate Minimum Tax :Quick Answers to 7 FAQs !

Alternate Minimum Tax :Quick Answers to 7 FAQs !
Alternate minimum tax or AMT  is similar to minimum alternate tax which is applicable to companies. As per section 115JC of the Income Tax Act , every person , filling certain condition , except companies will have to pay minimum 18.5 % of tax on the Adjusted Total Income  whether or not any tax is payable on total income computed normally under Income Tax Act. So, this post is going to explain in easy and simple answers seven frequently asked

Wealth Tax Filing Return Also Extended to 31.08.2015

CBDT has issued circular extending date of filing of wealth tax return to 31st August 2015 for assessment year 2015-16 as the 'due date' of filing Return of wealth in relation to an assessee tinder the Weahh-tax Act shall be the same date which is applicable to an assessee under the  Income-tax   Act Linder the explanation  to sub-sectioru   I) of Section 139 of the Income-tax   Act. Read the circular below: (more…)