Income tax computation
This query is : Resolved
24 April 2014
X Ltd company is claiming exemption under 80IA, 80IAB from 4 years in calculation of income tax as per income tax act, due to 80IA, 80IAB exemption They calculating tax as per MAT..., current year XLtd is having Loss as per Income tax act, as well as book loss for MAT.. what is tax treatment....What is the MAT Credit treatment???
Prankur Gupta
(Expert)
26 April 2014
There will be no levy of MAT. Losses as per it act shall be c/f normly. MAT credit can be availed only when normal tax is greater than MAT. Here there is no tax payble hence no ques of credit.
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