MAT CREDIT
This query is : Resolved
24 September 2009
Whether MAT CREDIT carried to subsequent years cosists of only basic tax paid or includes s.c. and cess also?e.g
MAT paid during A/Y 09-10
TAX 1000
SC 100
CESS 33
Total 1133
MAT CREDIT Whether Rs.1113 or Rs.1000
MAT paid during A/Y 09-10
TAX 1000
SC 100
CESS 33
Total 1133
MAT CREDIT Whether Rs.1113 or Rs.1000
24 September 2009
it will be only basic tax amount.
Message likes :
1 times
24 September 2009
I agree with you soni sahib,can you please give the reference
24 September 2009
its including cess ie 1113
24 September 2009
I disagree with Devanshi ji
24 September 2009
Mat Credit carried to subsequent years include surcharge and E.cess also.i.e Rs.1133
24 September 2009
No, it only have basic tax as per sec 115JAA.
Eg :
If tax as per normal provisions of income tax is Rs. 1000+S.c 100+Educ. Cess 33 = 1133.00
Tax as per MAT provisions comes to Rs. 1300+130+43 = 1479.
Then MAT credit allowed to be carried forward will be 300 (1300-1000).
Eg :
If tax as per normal provisions of income tax is Rs. 1000+S.c 100+Educ. Cess 33 = 1133.00
Tax as per MAT provisions comes to Rs. 1300+130+43 = 1479.
Then MAT credit allowed to be carried forward will be 300 (1300-1000).
25 September 2009
Reference from any book is not coming,however I too know the credit will be only basic tax
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