MAT Credit utilisation against Advance Tax of Next FY
This query is : Resolved
Casanjeevjain7777
(Querist)
03 June 2011
Dear Team
Our Company has MAT Credit available as on 31/03/2011 of 70 Lacs.I want to Know that :
Whether MAT credit of Rs.70 Lacs upto FY 2010-11 can be utilised in FY 2011-12 AGAINST payment of Advance Tax for FY 2011-12.
Thanks
Sanjeev Jain
Our Company has MAT Credit available as on 31/03/2011 of 70 Lacs.I want to Know that :
Whether MAT credit of Rs.70 Lacs upto FY 2010-11 can be utilised in FY 2011-12 AGAINST payment of Advance Tax for FY 2011-12.
Thanks
Sanjeev Jain
Aditya Maheshwari
(Expert)
03 June 2011
Only the difference between tax payable as per normal provisions of income tax act and tax payable as per section 115JB can be taken as credit in the year in which company pays income tax as per normal provisions of the Income Tax Act.
So MAT credit limited to the above amoutn.
So MAT credit limited to the above amoutn.
Casanjeevjain7777
(Querist)
03 June 2011
Dear Aditya
I am not asking for adjustment in FY 2010-11.
I want to know whether MAT Credit can be utilised after end(FY 2010-11) of Tax Holiday Period against Advance tAX Liability Of next FY (2011-12)
Thanks
Sanjev Jain
I am not asking for adjustment in FY 2010-11.
I want to know whether MAT Credit can be utilised after end(FY 2010-11) of Tax Holiday Period against Advance tAX Liability Of next FY (2011-12)
Thanks
Sanjev Jain
03 August 2024
https://docs.google.com/document/d/10bfL7opW8EZUIx03KyRlCWTb0Kl4oVo9fHTyPBvYogY/edit?usp=sharing
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