MAT

This query is : Resolved

SANDEEP GARG (Querist)
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29 August 2009 if a co pay tax according to mat, the credit of amount paid will be taken in next years. my query is credit will be taken of whole amount i.e. including surcharge and education cess or excluding surcharge and education

chetan soni

chetan soni (Expert)
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31 August 2009 it will be only tax amount it does not includes surcharge & education cess.

The credit carried forward will calculated as follows:

Tax as per 115JB @ 10%: Rs. 55000.00
Tax as per the other provisions of income tax @ 30% Rs. 5000.00

Tax credit carried forward to next year would be Rs. 50,000.00 (55000-5000)as per section 115JA.