MAT CREDIT
This query is : Resolved
27 October 2009
Experts plz solve my queries:-
(1)What are the requirements for claiming MAT credit which is paid by an assessee?
(2)Is there any need to file any separate Form beside filing ITR?
(3) What is the purpose & use of Form 29B in this regard?
Thank you Experts.
(1)What are the requirements for claiming MAT credit which is paid by an assessee?
(2)Is there any need to file any separate Form beside filing ITR?
(3) What is the purpose & use of Form 29B in this regard?
Thank you Experts.
27 October 2009
1. There are no special requirements for claiming MAT Credit, neither at the time of paying MAT nor at the time of claiming. Copies of ITR and tax computations showing MAT applicability and MAT Credit not taken is good enough.
2. No.
3. Form 29B is mainly applicable for Entities where Tax Audit is not applicable and having Income from Business and paying MAT u/s 115JB. Where Tax Audit is applicable u/s 44AB, the contents of the form 29B gets incorporated in Form 3CD itself.
2. No.
3. Form 29B is mainly applicable for Entities where Tax Audit is not applicable and having Income from Business and paying MAT u/s 115JB. Where Tax Audit is applicable u/s 44AB, the contents of the form 29B gets incorporated in Form 3CD itself.
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