Section 115JD of ITA, 1961 : Section 115Jd: Tax Credit For Alternate Minimum Tax

ITA, 1961

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Explanation using Example

Imagine a company, ABC Pvt. Ltd., which operates in the manufacturing sector. For the Assessment Year 2022-23, they calculate their regular income tax liability to be ₹50 lakhs. However, under the provisions of the Alternate Minimum Tax (AMT), their tax liability is determined to be ₹60 lakhs. The company pays the AMT since it is higher than the regular tax.

In the next Assessment Year 2023-24, their regular tax liability comes out to be ₹70 lakhs, while the AMT is only ₹65 lakhs. As per Section 115JD of the I...

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