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Utilisattion of taxes

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(Querist)
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
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CA Vikas Kumar Sharma

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CA Vikas Kumar Sharma (Expert)
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).
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srinath

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srinath (Expert)
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)
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