AMT under Section 115JC applies to:
AAll companies
BNon-corporate assessees claiming specified deductions
CAll assessees
DForeign companies (per relevant Section) (per relevant Section)
Answer & Solution
Correct answer: B. Non-corporate assessees claiming specified deductions
1. Chapter XII-BA AMT applies to non-corporate assessees (individuals, HUF, AOP/BOI, firms, LLPs).
2. Triggers when adjusted total income > Rs. 20 lakhs AND specified deductions (80H-80RRB, 35AD, profit-linked) claimed.
3. AMT rate: 18.5% (9% for IFSC units). Credit available for 15 years.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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