Utilisattion of taxes

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This query is : Resolved

abhishek jain (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

CA Vikas Kumar Sharma

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).

srinath

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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