[mat credit] pls vet this it calculator for internet startup

Hello All,

This should take max 5 mins for someone who's well-versed with how MAT and MAT credits work.

I'm making a financial forecast for an internet startup. The scenario is that the company will have business loses in initial years (which will be carried forward). In subsequent years, the company will have business profits.

The business profits of subsequent years will be set-off against carried forward business losses but MAT will kick-in.

I need an expert to please vet the very simplistic calculator ATTACHED and advise 

1. In the attached Excel, have I understood the funda of MAT applicability and MAT credit correctly? Please confirm.
2. If not, can you please correct and re-upload if I've made an error?

For the sake of simplicity, I've assumed ZERO unabsorbed depreciation, dividends, provisions for uncertain liabilities, capital gains or losses, royalties, deferred tax, etc. The focus is simply on business profits and business loss.

Many thanks in advance. 

- K Rohit Kumar