28 May 2022
Dear Sirs : One of my client was engaged in manufacturing in declared Subsidized Economic Zone in Sidcul Haridwar, Uttrakhand and supplying within India. As per declared Government policy there was no income tax for first five years and so on.... Later on case was also selected for scrutiny and after assessment party paid say Rs. five lakhs. My query is (1) Is MAT under income tax is applicable to this manufacturing unit in this zone (2) Is amount charged by assessing officer after scrutiny will be called MAT or regular Income Tax (3) Is MAT refundable (4) After how many years is it refundable (5) What is procedure to claim refund of MAT.... Regards
06 June 2022
My query is (1) Is MAT under income tax is applicable to this manufacturing unit in this zone yes it is applicable (2) Is amount charged by assessing officer after scrutiny will be called MAT or regular Income Tax - it is called MAT (3) Is MAT refundable - It is refundable (4) After how many years is it refundable - 10 years (5) What is procedure to claim refund of MAT.... Regards
CAclubindia
