pls help sir-
This query is : Resolved
09 June 2010
1)FY 2008-09
Income Tax loss in FY 2008-09 Rs 11000
No tax payable
2) FY 2009-10
Income Tax on regular Profit Rs 600 ( Tax after adjusting loss )
MAT Tax Rs 2000
So Mat Tax ( higher out of both) and can be taken credit.
3) FY 2010-11
Regular Tax Rs 10000
Adjust MAT credit Rs 2000 ( Carried forward from F Y 2009-10 )
Tax payable on Rs 8000
at regular rate
Since FY 2008-09 Income tax Loss is adjusted in FY 2009-10 income, but tax paid as per MAT in FY 2009-10,
so in FY 2010-11 regular tax will be paid only current year Income (FY2010-11) after set off full MAT credit of FY 2009-10
Income Tax loss in FY 2008-09 Rs 11000
No tax payable
2) FY 2009-10
Income Tax on regular Profit Rs 600 ( Tax after adjusting loss )
MAT Tax Rs 2000
So Mat Tax ( higher out of both) and can be taken credit.
3) FY 2010-11
Regular Tax Rs 10000
Adjust MAT credit Rs 2000 ( Carried forward from F Y 2009-10 )
Tax payable on Rs 8000
at regular rate
Since FY 2008-09 Income tax Loss is adjusted in FY 2009-10 income, but tax paid as per MAT in FY 2009-10,
so in FY 2010-11 regular tax will be paid only current year Income (FY2010-11) after set off full MAT credit of FY 2009-10
09 June 2010
replied here
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