Mat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2013
Dear sir,
If an Assessee has to Rs.1 Lakh as Income tax on the Gross total income and Rs. 2 Lakh as per MAT sec 115JB.
In this the assessee has to pay MAT.
But my doubt is if the assessee has a TDS of Rs.25000 and advance tax paid 30000.
Then is the Assessee liable to MAT Rs.2Lakh or (Rs.2,00,000-25000-30000=1,45,000).
Please clarify.
If an Assessee has to Rs.1 Lakh as Income tax on the Gross total income and Rs. 2 Lakh as per MAT sec 115JB.
In this the assessee has to pay MAT.
But my doubt is if the assessee has a TDS of Rs.25000 and advance tax paid 30000.
Then is the Assessee liable to MAT Rs.2Lakh or (Rs.2,00,000-25000-30000=1,45,000).
Please clarify.
14 August 2013
Final tax liability will be calculated by reducing the amount of TDS and advance tax from MAT.
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