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MAT & TDS

This query is : Resolved 
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(Querist)
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..
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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
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Girish Jagtap

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Girish Jagtap (Querist)
10 November 2009 Thank you sir.
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