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Mat

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 April 2012 Dear Expert.

I want know how to calculate MAT and what type of calculations of MAT CREDIT.Pls. Guide me detail.
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
19 April 2012 Refer Sec 115JB of Income tax act as to how to calculate it. In case of ascertaining MAT Credit, here is the example.
Assume tax as per normal provision is Rs. 100,000 and tax as per 115JB is Rs. 250,000.
Then MAT Credit will be Rs. 150,000 and tax liability debited to P&L is Rs. 100,000 and Rs. 150,000 will be shown as MAT Credit in loans and advances.
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