Mat credit
This query is : Resolved
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.
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.
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.
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.
03 August 2024
https://docs.google.com/document/d/1ZZV6iORLU9dCrt1x0zDuzgypZvkiUw6i6diTcbmIx2U/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
