MAT

This query is : Resolved 

30 December 2010 will you please answer me about MAT credit that for how many year MAT credit can be carry forward?

30 December 2010 MAT Credit entitlement (Section 115 JAA)

1. This section provides that where tax is paid in any assessment year in relation to the deemed income under section 115JB(1), the excess of tax so paid over and above the tax payable under the other provisions of the Income-tax Act, will be allowed as tax credit in the subsequent years.
2. The tax credit is, therefore, the difference between the tax paid under section 115JB (1) and the tax payable on the total income computed in accordance with the other provisions of the Act.
3. The tax credit shall be allowed to be set off in a year in which tax becomes payable on the total income computed in accordance with provisions of the Act other than section 115JB.
4. This tax credit is allowed to be carried forward for ten assessment years succeeding the assessment year in which the credit became allowable.
5. Such credit is allowed to be set off against the tax payable on the total income in an assessment year in which the tax is computed in accordance with the provisions of the Act, other than 115JB, to the extent of excess of such tax payable over the tax payable on book profits in that year.

30 December 2010 Foe more information on MAT see below link----


http://catuts.com/minimum-alternate-tax-mat/


31 December 2010 10 Assessment Years succeeding the assessment year in which the credit became allowable.

31 December 2010 thank you sir

but i also want to know that is it same for the financial year 2006-07.



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