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Mat credit

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Querist : Anonymous

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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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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
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CA Ilayaraja

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CA Ilayaraja (Expert)
11 September 2012 MAT to be utilized for set of is lower of
1 MAT credit
2 regular tax-mat of particular year
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 September 2012 thanks siddhartha
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 September 2012 You are welcome. You should use the thanks button to convey your thanks.

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