27 February 2015
I HAVE FILLED RETURN OF a.y.2011-12 IN WHICH TAX HAS BEEN PAID AS PER MAT U/S 115JB. IN NEXT YEAR I HAVE CLAIMED REFUND ON INCOME. BUT HAVEN'T CLAIMED CREDIT OF MAT. THE DEPARTMENT ISSUED REFUND AFTER ADJUSTING THE AMOUNT OF MAT U/S 115JB IN THAT YEAR. CAN I CLAIM THE BALANCE AMOUNT OF REFUND FROM DEPARTMENT BY WAY OF CLAIMING MAT CREDIT IN CURRENT YEAR, AS I HAVE NOT CLAIMED CREDIT IN THE MEANWHILE YEARS?
27 February 2015
In my opinion claiming MAT credit u/s 115JAA of the Income Tax Act 1961 is not optional. It is a standard part of self assessment tax as well as final tax computation of the assessee. Thus you may file rectification application for those years where MAT credit adjustment is not claimed.
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