Section 115JD → Section 132
Tax credit for alternate minimum tax
Quick Answer
Section 115JD of the Income Tax Act, 1961 (Tax credit for alternate minimum tax) corresponds to Section 132 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 115JD
In the 1961 statute, Section 115JD deals with tax credit for alternate minimum tax. Allows the excess AMT paid over normal tax to be carried forward and set off for up to 15 assessment years.
Under the Income-tax Act, 2025 (effective 1st April 2026), Section 115JD is retained and renumbered as Section 132 of the Income-tax Act, 2025. Retained. Digital ledger of AMT credit is maintained seamlessly on the taxpayer's portal dashboard.
The transition impact on Section 115JD is assessed as High. Requires careful tax planning before switching tax regimes.
Sec 115JD
Provision Summary
Allows the excess AMT paid over normal tax to be carried forward and set off for up to 15 assessment years.
Sec 132
Provision Summary
Retained. Digital ledger of AMT credit is maintained seamlessly on the taxpayer's portal dashboard.
Key Changes & Highlights
- AMT credit automatically lapses if the taxpayer permanently switches to the new tax regime (115BAC).
Related Sections
Frequently Asked Questions
Which subject does Section 115JD of the 1961 Act cover?
Section 115JD of the Income Tax Act, 1961 covers tax credit for alternate minimum tax. Allows the excess AMT paid over normal tax to be carried forward and set off for up to 15 assessment years.
What is the new section number for Section 115JD under the Income-tax Act, 2025?
Section 115JD of the Income Tax Act, 1961 maps to Section 132 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. Digital ledger of AMT credit is maintained seamlessly on the taxpayer's portal dashboard.
How does the Income-tax Act, 2025 affect Section 115JD in practice?
The transition impact for Section 115JD is rated High. Requires careful tax planning before switching tax regimes.
What is new about Section 115JD under the Income-tax Act, 2025?
AMT credit automatically lapses if the taxpayer permanently switches to the new tax regime (115BAC). These points are specific to Section 115JD (Tax credit for alternate minimum tax).
Disclaimer: This mapping of Section 115JD (Tax credit for alternate minimum tax) to Section 132 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 115JD is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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