Utilisattion of taxes
This query is : Resolved
06 August 2012
Dear all
Please guide as to how to utilise the following...
I have a tax liability of Rs 100
Have got
TDS recievable as 65
Advance tax paid 25
Mat credit available 35
Please let me know how will I adjust dis liability..what shall be the sequence of the liabilitty set...whether it will we MAT credit first or wat...pplease refer the section and case law if any.
Thanks in adv
Please guide as to how to utilise the following...
I have a tax liability of Rs 100
Have got
TDS recievable as 65
Advance tax paid 25
Mat credit available 35
Please let me know how will I adjust dis liability..what shall be the sequence of the liabilitty set...whether it will we MAT credit first or wat...pplease refer the section and case law if any.
Thanks in adv
07 August 2012
First you can adjust MAT credit form your Tax Liability.
After that you can adjust Advance Tax ( Includes TDS/TCS).
Balance will be payable/(Refundable).
After that you can adjust Advance Tax ( Includes TDS/TCS).
Balance will be payable/(Refundable).
07 August 2012
Tax liability under normal provisions is 100 then u can first set off MAT credit of Rs 35 (provided your tax as per 115JB is Rs 65 or less). - Section 115JAA
Then you need to set off TDS and then advance tax (Section 209)
Then you need to set off TDS and then advance tax (Section 209)
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