I’m Simran Bhatt, currently navigating my first year post-qualification, specifically focusing on corporate tax advisory and compliance for LLPs. A recurring practical issue I’m grappling with, which wasn’t fully elucidated during CA Final preparation, pertains to the computation of adjusted total income for LLPs under Section 115JC (Alternate Minimum Tax). While Section 115JB (Minimum Alternate Tax) for companies has extensive judicial precedents and guidance on adjustments for various items, the practical application for LLPs, especially concerning carried forward depreciation or business losses from a period before AMT became applicable or from an earlier assessment year where the LLP was subject to regular provisions, often leads to confusion. Specifically, how do we correctly adjust the book profit for items like unabsorbed depreciation or brought forward losses that might have different treatment under regular provisions versus AMT, and what constitutes ‘total income’ for the purpose of the ‘lower of’ condition under Section 115JF when there are exempt incomes not explicitly covered by adjustments similar to those detailed for MAT? Any practical insights or specific pronouncements beyond the ICAI study material would be immensely helpful.