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MAT CREDIT

This query is : Resolved 
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(Querist)
09 January 2009 MAT CREDIT AMOUNT DETERMINATION?

33.99% - 11.33% ? OR

30% - 10%?

if supporting case law. pls provide it too
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Jitender

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Jitender (Expert)
09 January 2009 mat credit= mat less tax payable under normal provisions of income tax.
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CA Prabhakar

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CA Prabhakar (Querist)
10 January 2009 in Your Mat less Tax payable..

indicate % of the above..

i know
mat credit= tax paid u/s 115j less normal tax

but surcharge and cess to be included or not while computing
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CA Mani

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CA Mani (Expert)
10 January 2009 There is no case law exactly for the issue.

% to be taken is 33.99 - 11.33.
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CA Mani

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CA Mani (Expert)
10 January 2009 Coz stress is on amount paid.
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CA Prabhakar

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CA Prabhakar (Querist)
18 January 2009 ya i too know it..

but it was argued as

mat credit= tax paid u/s 115jb(1)- normal tax

in 115jb(1), it doesn includes cess..
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