What is AMT in Car: Know more about amt in car, how it works, advantages, disadvantages and other important details. Learn about Alternative Minimum Tax (AMT), its purpose, applicability, and calculation. Discover how AMT impacts taxpayers and its significance in tax planning. The primary purpose of the Alternative Minimum Tax (AMT) is to ensure that high-income individuals and entities pay a minimum level of tax, even if they utilize various deductions, exemptions, and incentives that significantly reduce their regular income tax liability. AMT stands for Alternative Minimum Tax, a separate tax that ensures individuals and corporations pay at least a minimum amount of tax. Learn the meaning, definition, applicability, and exemptions of AMT for different entities and income levels.
