Is there a pre condition that MAT Credit can be utilised only in that year in which "MAT" is more than "Tax Payable under normal provisions of IT Act"?
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Utilisation of MAT Credit
Replies (1)
Amit, MAT credit can be utilised in the year in which tax under normal tax rate is more than tax calculated as per MAT.
The credit will be allowed upto tax under MAT.
In other words, any which way you have to pay minimum tax calculated under MAT.
Regards
Piyush
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