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Alternate Minimum Tax is levied because of the fact that the amount of tax currently being assessed is lower than the provisional minimum tax that is required to be paid to Government as per Income Tax Act ,1961.
Therefore the contension of assessee that the tax is Unfair and Unamerical is not tenable.
NOTE - there for he would not sign the tax return.
ThereWilliam Warrant, was hired for a management position at an Internet company planning to start a website called “indulgedanimals.com” for dogs, cats, and other pets. When he was hired, William was given an incentive stock option (ISO) worth $500,000, which he exercised during the year. Exercise of the ISO creates a tax preference item for alternative minimum tax (AMT) and causes him to have to pay substantial additional tax when combined with his other tax items for the year .is not possible as per income tax act .
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