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what is the meaning of mat credit with example
MAT credit is the excess tax amount paid over normal income tax liability, when MAT is paid.
e.g.
Tax under normal provisions: 1 lac
Tax under MAT provisions: 1.2 lac
Tax payable: 1.2 lac, higher of above.
MAT credit: 1.2 - 1 = 0.2 lac.
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