MAT/AMT *

11.1 Minimum Alternative Tax [Section 115JB]

11.1-1 Due date for furnishing report 1
See para 5.10.3.
11.2 Alternative Minimum Tax [Sections 115JC and 115JD]
11.2-1 Due date for furnishing report 2
See para 5.10.3.
11.2-2 Non-applicability of AMT to certain individuals/HUFs and Co-operative societies
Finance Act 2020 inserts new sections 115BAC and 115BAD to provide incentives to individuals/HUF
and resident co-operative societies, respectively, by way of providing concessional tax rates, subject to
fulfilment of certain conditions [see para 10.3 and para 10.4].
Finance Act 2020 inserts sub-section (5) under section 115JC to provide that the provision of this
section will not apply to a person who has exercised an option to pay tax under section 115BAC or
115BAD. In other words, if a person exercises an option to pay tax at concessional rates under section
115BAC or 115BAD, then such person is not required to pay AMT under this section. This amendment
takes effect from assessment year 2021-22.
11.2-3 Alternative Minimum Tax Credit
Section 115JD of the Act provides for and regulates allowance of credit in respect of AMT.
Finance Act 2020 has inserted sections 115BAC and 115BAD to provide for concessional tax rates for
Individuals/HUFs and resident co-operative society, respectively [see paras 10.3 & 10.4].
Finance Act 2020 inserts sub-section (7) in section 115JD to provide that the provision of the section
will not apply to a person who has exercised an option to pay tax under section 115BAC or 115BAD.
In other words, if a person exercises an option to pay tax at concessional rates under section 115BAC
or 115BAD, then such person will not be eligible to carry forward and set off of AMT credit. This
amendment takes effect from assessment year 2021-22.

* SEE SECTIONS 115JB, 115JC & 115JD.

1. In Form No. 29B.
2. In Form No. 29C.