Alternate Minimum Tax :Quick Answers to 7 FAQs !

Alternate minimum tax or AMT  is similar to minimum alternate tax which is applicable to companies. As per section 115JC of the Income Tax Act , every person , filling certain condition , except companies will have to pay minimum 18.5 % of tax on the Adjusted Total Income  whether or not any tax is payable on total income computed normally under Income Tax Act. So, this post is going to explain in easy and simple answers seven frequently asked questions on the issue of application of alternate minimum tax .