Alternate Minimum Tax (AMT)
To encourage investment, the Indian government offers tax benefits to reduce individual tax burdens. However, consistent tax revenue is essential for funding development and public services. To ensure minimum tax collection...
To address this issue, let us first understand an interplay of Sec 148,148A and 149(1)(b) and the relevant extracts are re-produced below:
Section 148 of the Act- income escaping assessment
Before making the assessment, reassessment or...