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MAT CREDIT

12 May 2011

DEAR MEMBERS ,

WE HAVE A UNIT OF A COMPANY IN SEZ, AS THE SEZ ARE LIABLE FOR MAT FROM 2011-12 CAN THE COMPANY AVAIL THE MAT CREDIT FROM THE SEZ UNIT TOWARDS THE NORMAL TAX OF THE WHOLE COMPANY, IF SO CAN IT AVAIL IN THE SAME FINANCIAL YEAR OR IN THE SUBSEQUENT YEARS

HOPING FOR THE REQUEST AT THE QUICKEST....... ITS URGENT PLSSSSSSSSSSSSSSS

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2 Replies

Suraj Agarwal (Self Practitioner in Income Tax & GST) (782 Points)
Replied 15 May 2011

Mr. Santosh,

Plz. read Sec.115JB(6) of Income Tax Act, which says as follows :-

The MAT provisions are not applied to the income accrued or arising on or after 01-04-2005 from any business carried on, or services redered, by an entrepreneur or a developer in a Unit or Special Economic Zone as the case may be.