Mat Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2010
Do we need to provide for mat tax taking credit of tds and advance tax or not? if we there is tds -4 lacs adv tax -1 lacs and mat tax 3 lacs, do we require to pay mat or we can set off tds and advance tax with the liability.
11 August 2010
You can take the credit of TDS & advance tax paid when MAT becomes applicable.
In your case, you are eligible for a refund of Rs. 2 lakhs.
In your case, you are eligible for a refund of Rs. 2 lakhs.
11 August 2010
MAT becomes ur tax payable and as rightly pointed out by pradeepji u can adjust the tds and advance tax on mat
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