14 October 2008
PLease clarify can we sett off the payment of minimum alternate tax with the normal income tax. if yes then in how many years we have to set off our payment of MAT.
14 October 2008
MAT CREDIT AVAILMENT : To the extent of MAT paid in excess of the regular tax can be taken as credit and carried forward to the next yr
MAT CREDIT UTILISATION Lower of the following is available for utilization of the credit
(i)MAT credit (ii) Regular tax - MAT
Set off is allowed for a period of five assessment years immediately succeeding the assessment year in which MAT is paid.
15 October 2008
The period is "5 assessment years" (as already mentioned by Mr. Kumar) immediately succeeding the assessment year in which MAT is paid.
CAclubindia
