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 | ||
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Interest calculation u/s 234 b & c
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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
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