Hi All,
If total income ascertained under normal computation is negative, and there is a situation where tax is payable as per 115JB, can the entire tax paid under 115JB be carried forward for the subsequent assessment years?
A G Vishal Kirthic (Chartered Accoutant) (236 Points)
08 July 2011Hi All,
If total income ascertained under normal computation is negative, and there is a situation where tax is payable as per 115JB, can the entire tax paid under 115JB be carried forward for the subsequent assessment years?
Swati
(Partner at BIDS & Co.)
(51 Points)
Replied 08 July 2011
Yes....you can carry forward it. The concept behind the MAT cr. is the excess of MAT paid over the normal rates. It can be carried forward and can be set off in the next 10 consecative AY against the normal tax rates.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 08 July 2011
Will carry forward be allowed under DTC regime.
CAclubindia
