Mat and advance tax reg
This query is : Resolved
lakshmanan
(Querist)
14 November 2012
WHETHER MAT AND ADANCE TAX IS SAME MEANING, AND ITS DIFFERENCE?
WHETHER COMPANY IS LIABLE FOR BOTH MAT AND ADANCE TAX IN SAME YEAR.
WHETHER COMPANY CAN ADJUST MAT CREDIT AGAINST ADVANCE TAX PAYABLE ?
WHETHER COMPANY IS LIABLE FOR BOTH MAT AND ADANCE TAX IN SAME YEAR.
WHETHER COMPANY CAN ADJUST MAT CREDIT AGAINST ADVANCE TAX PAYABLE ?
Gayathri Devi
(Expert)
14 November 2012
Dear Sir
MAT credit will be adjusted only in the tax liability after adjusting all the advance tax payment.. Advance tax is adjusted in the gross income tax liability.
mat will be applicable if the boook profit is greater than the profit derived after all adjustments. advance tax is mandatory for all assessees.
No MAT credit cant be adjusted against the advance tax payable
MAT credit will be adjusted only in the tax liability after adjusting all the advance tax payment.. Advance tax is adjusted in the gross income tax liability.
mat will be applicable if the boook profit is greater than the profit derived after all adjustments. advance tax is mandatory for all assessees.
No MAT credit cant be adjusted against the advance tax payable
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