what is the meaning of mat credit with example
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MAT credit is the excess tax amount paid over normal income tax liability, when MAT is paid.
e.g.
Tax under normal provisions: 1 lac
Tax under MAT provisions: 1.2 lac
Tax payable: 1.2 lac, higher of above.
MAT credit: 1.2 - 1 = 0.2 lac.
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