Mat Credit

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sachin (Querist)
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10 October 2007 Hello,
Me had query regarding Mat Credit when is to be availed.
Wheather the credit is to be taken after 30% Tax Calculated or after Normal Tax + Surcharge+Education Cess..

Miss Komal Mantri

Miss Komal Mantri (Expert)
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10 October 2007 MAT credit= MAT paid-Income TAx payable as per the normal provision of the IT Act.

And the credit is to be taken after surcharge and cesses..

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sachin

sachin (Querist)
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10 October 2007 Hey as per ITR 6 ...mat credit is shown after Normal Tax i.e 30%..take a note of it..i am still confused wat to do?

sachin

sachin (Querist)
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10 October 2007 this question is still open??

Ravikumar.G

Ravikumar.G (Expert)
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10 October 2007 For Ex : During the FY 05-06 your Regular Tax is Rs.50 and MAT Tax is Rs.100/- You would have paid Rs.100/- as Tax during the FY 05-06. From that Rs.100-Rs.50 (Regular Tax) You can avail Rs.50/- in subsequent year from Regular Tax.

sachin

sachin (Querist)
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10 October 2007 thats right that i can get 50 mat credit from current year...but my question is this credit of 50 is to be taken after calculating 30% tax or after 33.66% tax... when i was filling ITR 6..this credit is taken after calculating 30% tax..wheather this is right..

Ravikumar.G

Ravikumar.G (Expert)
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10 October 2007 after 33.66% of tax

CMA Gul S

CMA Gul S (Expert)
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10 October 2007 it would be 33.66%

sachin

sachin (Querist)
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10 October 2007 hey experts...but in itr..mat credit is taken after tax calculated at 30%..check it out..

Ravikumar.G

Ravikumar.G (Expert)
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10 October 2007 I will also check with that. If you know about this let me also know .

Ravikumar.G

Ravikumar.G (Expert)
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11 October 2007 When calculate income tax for corporate assessee the maximum of the MAT or Regular tax is considered without SC,EC and SHEC. After considering the maximum the SC and Cess are added. For the purpose of availment of MAT credit u/s 115JAA the information given in ITR 6 is perfectly correct. It should be considered before SC,EC,SHEC and 234B/C interest.

sachin

sachin (Querist)
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12 October 2007 hey thanku.....finally resolved