Refund of mat credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2014 For example a company is paying MAT in earlier years and there is an accumulated MAT Credit of Rs.500 to their account.

In the previous year the company went into Business Loss.There is a TDS credit of Rs.60 in this year.So while filing return of Income Tax,How much refund the company should claim ?
Is it TDS of Rs.60 or Is it TDS of Rs.60+MAT Credit of Rs.500=Rs.560 ?

Pls give your expert opinions.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 August 2014 you dont get refund of MAT...only TDS portion can be refunded

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2014 What will be the status of MAT,if company continue to be in losses ? Do we need to write it off after the set off period ? Do we can ever get this MAT refund ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 August 2014 you can only adjust MAT against tax liabilities...where you continue to make losses, MAT credit will expire.

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