MAT CREDIT

This query is : Resolved

Tripathi Saurabh (Querist)
Follow

24 September 2009 Whether MAT CREDIT carried to subsequent years cosists of only basic tax paid or includes s.c. and cess also?e.g
MAT paid during A/Y 09-10
TAX 1000
SC 100
CESS 33
Total 1133
MAT CREDIT Whether Rs.1113 or Rs.1000

chetan soni

chetan soni (Expert)
Follow

24 September 2009 it will be only basic tax amount.

Message likes : 1 times

Tripathi Saurabh

Tripathi Saurabh (Querist)
Follow

24 September 2009 I agree with you soni sahib,can you please give the reference

Upgrade to CAclubindia Pro. Subscribe Now!

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

24 September 2009 its including cess ie 1113

Tripathi Saurabh

Tripathi Saurabh (Querist)
Follow

24 September 2009 I disagree with Devanshi ji

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
Follow

24 September 2009 Mat Credit carried to subsequent years include surcharge and E.cess also.i.e Rs.1133

chetan soni

chetan soni (Expert)
Follow

24 September 2009 No, it only have basic tax as per sec 115JAA.

Eg :

If tax as per normal provisions of income tax is Rs. 1000+S.c 100+Educ. Cess 33 = 1133.00

Tax as per MAT provisions comes to Rs. 1300+130+43 = 1479.

Then MAT credit allowed to be carried forward will be 300 (1300-1000).

Tripathi Saurabh

Tripathi Saurabh (Querist)
Follow

25 September 2009 Reference from any book is not coming,however I too know the credit will be only basic tax

Upgrade to CAclubindia Pro. Subscribe Now!