Alternate Minimum Tax (AMT)

Tax Glossary Definition

Alternate Minimum Tax (AMT)

Alternate Minimum Tax (AMT) – A tax imposed on non-corporate taxpayers (such as individuals, partnership firms, or LLPs) who claim specific deductions or exemptions, ensuring that they pay a minimum level of tax despite such benefits.

Example: If the adjusted total income is ₹5 lakh, the AMT payable would be ₹7,500.

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