Tax credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2012 Suppose a company is having a c/f tax credit on a/c of MAT amounting to Rs 1000. Now for AY 2012-13, the regular tax payable is Rs 320 while MAT payable is Rs 205. Naturally it will pay Rs 320 as it is higher but what tax credit will be available to the company for AY 2012-13.

(1) Would it be full Rs 320/- as it is having a tax credit of Rs 1000/- in hand. OR

(2) Would it be only Rs 115/- (320-115).

Please guide

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 May 2012 The tax credit allowed to be set off is the difference between tax as per normal provisions and tax as per MAT.

Accordingly, the company can claim set off of only Rs. 115 (320-205).

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