AMT

Tax liability is higher of AMT & tax calculated as per regular provisions. In this case it is 15. Therefore, tax liability for AY:2021-22 is 10 (15 - 5).

Veeresh Kumar Poliki

CA Inter

★ 8K+

15-Nov-21 11:08

Don't see that marking bro. I have same like you but answer as per icai is 12

Thread Starter

Sairam Reddy

CA Final

★ 10K+

15-Nov-21 11:12

Yes bro, answer is not 10. Set off is allowed only to the extent of difference between the tax as per normal provisions & AMT. That means we can use only 3 (15-12) of AMT credit. So, answer is 15 - 3 = 12.

Veeresh Kumar Poliki

CA Inter

★ 8K+

15-Nov-21 11:41