AMT - Adjusted Total Income - Section 115JC(2) - Income Tax - Ready Reckoner - Income Tax

ADJUSTED TOTAL INCOME - SECTION 115JC(2) Total income as computed under the normal provisions of the Income Tax act Add: Deductions claimed if any, under any section included in Chapter VI-A under the heading C - Deduction in respect of certain incomes except section 80P Add: Deduction under section 10AA (Deduction in respect of profits of SEZ units) Add: Deduction claimed under section 35AD as reduced by the amount of depreciation allowable u/s 32 as if no deduction u/s 35AD was allowed in respect of assets on which the deduction under that section is claimed Adjusted Total Income KEY NOTES: AMT will apply to the assessees claiming profit linked deductions under section 80-IA to 80RRB and under section 10AA . However, deduction under section 80P is not to be added back. Assessees claiming deduction under section 35AD are now liable to pay AMT on such deduction. However, they shall be allowed deprecation on the assets on which 35AD has been claimed. Deductions under section 80C to 80GGC and 80U are not to be added back.