can we set off the payment of MAT against our normal tax.
This query is : Resolved
14 October 2008
PLease clarify can we sett off the payment of minimum alternate tax with the normal income tax. if yes then in how many years we have to set off our payment of MAT.
vikash
vikash
14 October 2008
MAT CREDIT AVAILMENT :
To the extent of MAT paid in excess of the regular tax can be taken as credit and carried forward to the next yr
MAT CREDIT UTILISATION
Lower of the following is available for utilization of the credit
(i)MAT credit
(ii) Regular tax - MAT
Set off is allowed for a period of five assessment years immediately succeeding the assessment year in which MAT is paid.
To the extent of MAT paid in excess of the regular tax can be taken as credit and carried forward to the next yr
MAT CREDIT UTILISATION
Lower of the following is available for utilization of the credit
(i)MAT credit
(ii) Regular tax - MAT
Set off is allowed for a period of five assessment years immediately succeeding the assessment year in which MAT is paid.
15 October 2008
The period is "5 assessment years" (as already mentioned by Mr. Kumar) immediately succeeding the assessment year in which MAT is paid.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
