In case of company where MAT Credit is available, Interest is calculated u/s 234 B & C on which amount, As per IT or MAT
| INCOME | TAX | ADV TAX PAID | BALANCE | |
| IT | 1000 | 300 | 150 | 150 |
| MAT | 800 | 160 | 150 | 10 |
| MAT CREDIT UTILISED | 140 | 0 | ||
In case of company where MAT Credit is available, Interest is calculated u/s 234 B & C on which amount, As per IT or MAT
| INCOME | TAX | ADV TAX PAID | BALANCE | |
| IT | 1000 | 300 | 150 | 150 |
| MAT | 800 | 160 | 150 | 10 |
| MAT CREDIT UTILISED | 140 | 0 | ||
The Interest U/s 234B and 234C should be made on the Tax payable on the Basis of MAT or Income Tax.
As the Tax Payable is higher of MAT or Income Tax, the Interest is chargeable to the Higher of MAT or Income Tax
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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