MAT
This query is : Resolved
29 August 2009
if a co pay tax according to mat, the credit of amount paid will be taken in next years. my query is credit will be taken of whole amount i.e. including surcharge and education cess or excluding surcharge and education
31 August 2009
it will be only tax amount it does not includes surcharge & education cess.
The credit carried forward will calculated as follows:
Tax as per 115JB @ 10%: Rs. 55000.00
Tax as per the other provisions of income tax @ 30% Rs. 5000.00
Tax credit carried forward to next year would be Rs. 50,000.00 (55000-5000)as per section 115JA.
The credit carried forward will calculated as follows:
Tax as per 115JB @ 10%: Rs. 55000.00
Tax as per the other provisions of income tax @ 30% Rs. 5000.00
Tax credit carried forward to next year would be Rs. 50,000.00 (55000-5000)as per section 115JA.
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