TMI BlogInsertion of new Chapter XII-BA- Special provisions for payment of tax by certain limited liability partnerships- Tax credit for alternate minimum taxX X X X Extracts X X X X X X X X Extracts X X X X ..... ership 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 the limited liability partnership for such previous year and it 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 included in Chapter VI-A under the heading C.-Deductions in respect of certain incomes ; and (ii) deduction claimed, if any, under section 10AA. (3) Every limited liability partnership to which this section applies shall obtain a repo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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. Application of other provisions of this Act. 115JE. Save as otherwise provided in this Chapter, all other provisions of this Act shall apply to a limited liability partnership referred to in this Chapter. Interpretation in this Chapter. 115JF. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for tax paid by a limited liability partnership under section 115JC shall be the excess of the alternate minimum tax paid over the regular income-tax payable. This shall be allowed to be carried forward up to the tenth assessment year immediately succeeding the assessment year for which such tax credit becomes allowable and shall be allowed to be set off for an assessment year in which the regular income-tax exceeds the alternate minimum tax to the extent of the excess of the regular income-tax over the alternate minimum tax. The proposed new section 115JE seeks to provide that save as provided in the newly inserted Chapter XII-BA, all other provisions of the Income-tax Act shall apply to a limited liability partnership. The propose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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