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Querist : Anonymous

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
14 August 2013 Final tax liability will be calculated by reducing the amount of TDS and advance tax from MAT.
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