KINDLY SOLVE MY QUERY.
MY MAT CREDIT IS RS 300000/-(B/F BALANCE)
CURRENT YEAR INCOME IS 150000/- AND TDS DEDUCTED IS 30000/-
NOW CURRENT TAX = 46350/-
TAX ON BOOK PROFIT(MAT) = 28582/-
NOW HOW MUCH SHOULD BE THE MAT CREDIT AVAILED AND THE TAX TREATMENT.
THE CALCULATION AS PER ME IS-
TAX ON REGULAR INCOME = 46350/-
TAX ON BOOK PROFIT(MAT)= 28582/-
HENCE TAX LIABILITY = 46350/-
LESS: MAT CREDIT = 46350/- ( this credit is taken from the old balance of 300000/- MAT credit)
SO NET TAX LIABILITY = NIL
MAT CREDIT LEFT=300000-46350= 253650/-
AND REFUND OF TDS=30000/-
IS THIS CALCULATION CORRECT?
KINDLY ADVISE.
THANX
CAclubindia
