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Credit of amt
I HAVE A CREDIT OF AMT OF RS. 1,50,000.THIS YEAR SUPPOSE MY PARTNERSHIP FIRM EARNED RS.10,00,000 WITHOUT ANY DEDUDCTION.SO NOW HOW MUCH CREDIT I CAN AVAIL 30% OF 10,00,000 OR 18.5% OF 10,00,000.
Replies (3)
tax will be lower of 30% or 18.5% in this case it is 18.5% on 10 lacs you can claim MAT Credit of 150000 on the MAT COMPUTED THIS YEAR
IT'S NOT MAT IT'S AMT(FOR OTHER THAN COMPANY),AND ALSO THIS YEAR I HAVE NOT CLAIMED ANY DEDUCTIONS SO IS AMT IS APPLICABLE??CAN I TAKE CREDIT OF AMT??IF YES THAN HOW MUCH??
sorry i worded mat instead of amt credit can be carried forward for 10 years so you claim the credit
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