Mat credit

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This query is : Resolved

Sajeesh Edappadathil (Querist)

24 June 2013 Dear team,

A Company paid MAT during FY 2012-13 regarding Mat for the year 2010-11 based on reminder demand notice received during FY 2012-13 along with 234 A,B,C Interest, my doubt is whether Mat paid in excess of Income tax exclusive of cess, surcharge and interest can be can be carried forwarded for successive 10 assessment years since the company paid tax along with 234A interest.

Facts are as follows...

For FY 2010-11 Income tax is nil
so company doesn't paid any tax. during the FY 2010-11 company received demand notice to pay mat along with all interest, but company doesn't paid any tax during 2011-12, again the the company got remainder notice during 2012-13 FY and paid the tax along with all interest.

Bindu Madhav

Bindu Madhav (Expert)

19 July 2013 Interest U/s. 234 ABC are not allowed to take credit. MAT Credit is available only for difference between Income Tax & MAT. Interest paid is due to delay and hence not eligible for credit.

Sajeesh Edappadathil

Sajeesh Edappadathil (Querist)

22 July 2013 I think Expert don't understand my query clearly, my question is whether delayed paid mat exclusive of cess, surcharge and interest is eligible for credit. Issue is MAT is for FY 2010-11 paid during 2012-13.