Form 29C, Download Income Tax Form 29C in PDF Format

FORM NO. 29C for Report for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company. FORM NO. 29C is relevant for limited liability partnerships to with the provisions of chapter XII BA of the act. Such a limited liability partnership is required to obtain audit report from an accountant is his form, certifying that the adjusted total income and the minimum tax have been computed in accordance with the provisions.

(1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a limited liability partnership is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of the limited liability partnership for such previous year and it shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.

(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by—

 (i)  deductions claimed, if any, under any section included in Chapter VI-A under the heading “C.—Deductions in respect of certain incomes”; and

(ii)  deduction claimed, if any, under section 10AA.

(3) Every limited liability partnership to which this section applies shall obtain a report, in such form as may be prescribed, from an accountant certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of filing of return under sub-section (1) of section 139.

The following section 115JC shall be substituted for the existing section 115JC by the Finance Act, 2012, w.e.f. 1-4-2013 :

Special provisions for payment of tax by certain persons other than a company.

115JC. (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.

(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by—

 (i)  deductions claimed, if any, under any section (other than section 80P) included in Chapter VI-A under the heading “C.—Deductions in respect of certain incomes”; and

(ii)  deduction claimed, if any, under section 10AA.

(3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.

FORM NO. 29C

[See rule 40BA]

Report under section 115JC of the Income-tax Act, 1961 for computing
Adjusted Total Income and Alternate Minimum Tax of
the person other than a company

1. I/We have examined the accounts and records of

(name and address of the assessee with PAN) engaged in business of

(nature of business) in order to arrive at the adjusted total income and the alternate minimum tax for the year ended on the 31st March,

2. (a) I/We certify that the adjusted total income and the alternate minimum tax has been computed in accordance with the provisions of Chapter XII-BA of the Income-tax Act. The tax payable under section 115JC of the Income-tax Act in respect of the assessment year
is Rs.

Which has been determined on the basis of the details in Annexure A to this Form?

3. In my/our opinion and to the best of my/our* knowledge and according to the explanations given to me/us the particulars given in the Annexure A are true and correct.

(Signature and Stamp/
Seal of the Signatory)

Chartered Accountant

Place:

Name of the Signatory:

Date:

Full Address:

Membership No:

ANNEXURE A

[See paragraph 2]

Details relating to the computation of Adjusted Total Income and
Alternate Minimum Tax for the purposes of section 115JC
of the Income-tax Act, 1961

1.

Name of the assessee

2.

Address of assessee

3.

Permanent Account Number

4.

Assessment year

5.

Total income of the assessee computed in the manner laid down in the Income-tax Act before giving effect to Chapter XII-BA of the Income-tax Act, 1961(43 of 1961)

6.

Income-tax payable on total income referred to in Column 5 above

7.

The amount of deduction claimed under any section (other than section 80P) included in “Chapter VI-A under the heading “C. Deductions in respect of certain incomes

Sl. No.

Section under which deduction claimed

Amount of deduction claimed

8.

The amount of deduction claimed under section 10AA

9.

Adjusted total income of the assessee (5+7+8)

10.

Minimum alternate tax (18.5% of adjusted total income computed in column 9 above).

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