MAT Credit
This query is : Resolved
16 July 2011
A Company has Paid Tax computing his total income Under MAT in the A.Y. 2003-04. But inadvertently company has paid MAT on subsidy income, which was exempt from tax under MAT. The assessment order has been received by company in F.Y.2005-06 for the return filed for A.Y. 2003-04. Now company has recognized that they had paid excess MAT on account of subsidy income. As on date the time of rectification u/s 154 has also been lapsed.
So how can company claim the excess paid amount on account of MAT.
Further as on date company has carry forward MAT credit. So company required the excess paid MAT in Cash rather than to add in carry forward MAT Credit.
So how can company claim the excess paid amount on account of MAT.
Further as on date company has carry forward MAT credit. So company required the excess paid MAT in Cash rather than to add in carry forward MAT Credit.
16 July 2011
if u are being paid the tax in future then carry forward MAT Credit.
Message likes :
1 times
16 July 2011
So if company is not able to set off the MAT credit in future within the prescirbed time limit it would be forfeited. So there is no scope to get it in cash.
16 July 2011
yes, there is no provision to get in cash
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
