What is Section 115JC of Income Tax Act?

What is Section 115JC of Income Tax Act?

To facilitate the computation of adjusted total income and AMT, section 115JC lays down that an assessee liable to AMT should obtain a report certifying the adjusted total income and the alternate minimum tax duly computed, by an accountant and furnish the report on or before the due date of filing of the return u/s.

Is Section 115JC applicable to individuals?

The provisions of Alternative Minimum Tax are applicable to the following category of taxpayers: Individual, HUF, AOP (Association of Persons) or BOI (Body of Individuals) if the adjusted total income exceeds INR 20 lacs. Any other taxpayer (other than Company) irrespective of the total income.

Do you want to claim the benefit u/s 115H applicable to resident?

Following conditions are stipulated under Section 115H: Assessee needs to file a declaration and his income tax return for the financial year in which he becomes assessable as a resident of India. Benefits under this section will apply only to the income from foreign assets.

What is the penalty for failure to deduct tax at source?

All companies, irrespective of government or private, must bear a penalty of Rs. 200/day, under section 234E, for the delay in filing TDS or TCS returns after the specified due date. However, such a penalty will not exceed the amount of TDS for which the statement was required to be filed.

Who is liable for AMT?

The provisions of AMT shall apply to an individual or a Hindu undivided family or an association of persons or a body of individuals (whether incorporated or not) or an artificial juridical person only if the adjusted total income (discussed later) of such person exceeds Rs. 20,00,000.

What is U S 115H in ITR?

declaration in writing along with his return of income under section 139 for the assessment year for which he is so assessable, to the effect that the provisions of this Chapter shall continue to apply to him in relation to the investment income derived from any foreign exchange asset being an asset of the nature …

Can you go to jail for not paying taxes in India?

Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. Tax evasion is a crime.