can we sett off MAT with normal tax
This query is : Resolved
14 October 2008
For example:
yr1 yr2 yr3 yr4 yr5
MAT 100 100 100
Normal tax 0 0 0 200 100
Can we sett off the payment of MAT in yr 1 2 3 with yr 4 & 5.
yr1 yr2 yr3 yr4 yr5
MAT 100 100 100
Normal tax 0 0 0 200 100
Can we sett off the payment of MAT in yr 1 2 3 with yr 4 & 5.
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
In this case :
Yr 1 : Excess Credit : Rs.100
Yr 2 : Excess Credit : Rs.100
Yr 3 : Excess Credit : Rs.100
MAT CREDIT UTILISATION
Lower of the following is available for utilization of the credit
(i)MAT credit
(ii) Regular tax - MAT
In the given case we need to know the MAT for Yr 4 and Yr 5 to know the actual set off amount
To the extent of MAT paid in excess of the regular tax can be taken as credit and carried forward to the next yr
In this case :
Yr 1 : Excess Credit : Rs.100
Yr 2 : Excess Credit : Rs.100
Yr 3 : Excess Credit : Rs.100
MAT CREDIT UTILISATION
Lower of the following is available for utilization of the credit
(i)MAT credit
(ii) Regular tax - MAT
In the given case we need to know the MAT for Yr 4 and Yr 5 to know the actual set off amount
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