Mat credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2012
hey friends..i have a querry regarding mat credit availment...suppose i have mat credit entitlement of Rs.100000 in my balance sheet..now i just want to know that how much mat credit i can avail in a particular year
11 September 2012
1. MAT credit will be available in the year in which the liability as per normal provisions exceeds the liability as per MAT.
2. The amount of credit shall be equal to the difference between the liability as per normal provisions and liability as per MAT.
For example:
Liability as per normal provisions is Rs. 2 lakhs.
Liability as per MAT is Rs. 1,70,000.
Amount payable = Rs. 2,00,000
Less: MAT Credit Rs. 30,000
Net Liability = Rs. 1,70,000
MAT Credit carried forward = 1,00,000-30,000 = Rs. 70,000
2. The amount of credit shall be equal to the difference between the liability as per normal provisions and liability as per MAT.
For example:
Liability as per normal provisions is Rs. 2 lakhs.
Liability as per MAT is Rs. 1,70,000.
Amount payable = Rs. 2,00,000
Less: MAT Credit Rs. 30,000
Net Liability = Rs. 1,70,000
MAT Credit carried forward = 1,00,000-30,000 = Rs. 70,000
11 September 2012
MAT to be utilized for set of is lower of
1 MAT credit
2 regular tax-mat of particular year
1 MAT credit
2 regular tax-mat of particular year
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2012
thanks siddhartha
12 September 2012
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