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MAT CREDIT
Wether we can take cess paid on 18.5 percent of book profit as credit under MAT
Replies (3)
No, you cannot take cess paid as MAT credit
MAT Credit is allowed inclusive of Surcharge and Cess.
Recently, the Delhi Bench of the ITAT in the case of Consolidated Securities Ltd (the taxpayer) held that Minimum Alternate Tax (MAT) credit is allowed inclusive of surcharge and education cess. The amount of tax includes both the components, namely, tax and surcharge. Surcharge cannot be treated as distinct from the amount of income tax. It is an integral component and constitutes part and parcel of the amount of tax.
Recently, the Delhi Bench of the ITAT in the case of Consolidated Securities Ltd (the taxpayer) held that Minimum Alternate Tax (MAT) credit is allowed inclusive of surcharge and education cess. The amount of tax includes both the components, namely, tax and surcharge. Surcharge cannot be treated as distinct from the amount of income tax. It is an integral component and constitutes part and parcel of the amount of tax.
Nitesh bimd is correct
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