MAT CREDIT

This query is : Resolved

vipin (Querist)
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17 July 2010 ALL EXPERTS ARE REQUESTED TO PUT LIGHT ON FOLLOWING MATTER :
MAT CREDIT CAN BE C/F TO 10 A.Y.
BUT PLEASE TELL ME WHAT AMOUNT CAN BE C/F:
TAX AMOUNT 1,00,000/-
EDUCATION CESS 3,000/-
INTEREST U/S 234 A,B,C 15,000/-

NOW, THE MAIN QUESTION IS WORD WRITTEN IS "TAX CREDIT" , HENCE PLEASE TELL ME WHAT AMOUNT SHALL BE INCLUDED IN TAX CREDIT BECAUSE SOFTWARE FOR INCOME TAX RETURN IS NOT ACCEPTING "EDUCATION CESS" & "INTEREST U/S 234 A,B,C.

PLEASE PUT FORWARD YOUR EXPERT VIEWS WITH PROPER JUSTIFICTION IF POSSIBLE.

srinath

srinath (Expert)
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17 July 2010 The amount to be taken as mat credit is including education cess. and the word tax in income tax act includes education cess and higher education cess.

for eg if tax payable under normal provision is RS. 10000 EC comes to 3% ie Rs 300
under MAT if tax payable is Rs 30000 and EC comes to Rs. 900 then eligible credit is rs.20600 ie (30900-10300)