CA Arun Kumar Tiwari (CA in Practise) (445 Points)
01 May 2010Hi all,
If an Assesse have a tax Refund from AY 2009-10 can he adjust it against Tax payable for AY 2010-11 .
If yes what is the procedure
Amir
(Learner)
(4016 Points)
Replied 02 May 2010
Dear Arun,
Tax paid cannot be adjusted (except MAT Credit).
Pls appreciate the provisions of Carry forward of Losses, which help to reduce future tax liabilty by reducing Taxable Income.
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