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