MAT & TDS
This query is : Resolved
08 November 2009
Sir,
Case of company is explained below :
1) The company has accumulated MAT credit over last 3 years and in the current year it has to pay tax as per normal provisions of income tax as it is higher than MAT. AND
2) The Tax deducted of the company in the current year is higher as compared to normal tax liability i.e. company is liable to get the refund.
Example :
Accumulated MAT Credit Rs.10,000 (3 years)
Current year tax liability as per normal provisions Rs.5,000 and as per MAT Rs.1,000
TDS for current year Rs.7,000
For what refund amount the company will be entitled to?
Thanks in advance..
Case of company is explained below :
1) The company has accumulated MAT credit over last 3 years and in the current year it has to pay tax as per normal provisions of income tax as it is higher than MAT. AND
2) The Tax deducted of the company in the current year is higher as compared to normal tax liability i.e. company is liable to get the refund.
Example :
Accumulated MAT Credit Rs.10,000 (3 years)
Current year tax liability as per normal provisions Rs.5,000 and as per MAT Rs.1,000
TDS for current year Rs.7,000
For what refund amount the company will be entitled to?
Thanks in advance..
10 November 2009
Tax payable as per IT 5000
Tax payable under MAT 1000
Tax payable higher of above 5000
Less: MAT credit set off 4000
(i.e diff of tax as per IT & MAT)
Tax payable 1000
Less: TDS 7000
Refund Due 6000
Tax payable under MAT 1000
Tax payable higher of above 5000
Less: MAT credit set off 4000
(i.e diff of tax as per IT & MAT)
Tax payable 1000
Less: TDS 7000
Refund Due 6000
10 November 2009
Thank you sir.
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