MAT Credit utilisation against Advance Tax of Next FY

This query is : Open

Casanjeevjain7777 (Querist)
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03 June 2011 Dear Team
Our Company has MAT Credit available as on 31/03/2011 of 70 Lacs.I want to Know that :

Whether MAT credit of Rs.70 Lacs upto FY 2010-11 can be utilised in FY 2011-12 AGAINST payment of Advance Tax for FY 2011-12.

Thanks
Sanjeev Jain

Aditya Maheshwari

Aditya Maheshwari (Expert)
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03 June 2011 Only the difference between tax payable as per normal provisions of income tax act and tax payable as per section 115JB can be taken as credit in the year in which company pays income tax as per normal provisions of the Income Tax Act.

So MAT credit limited to the above amoutn.

Casanjeevjain7777

Casanjeevjain7777 (Querist)
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03 June 2011 Dear Aditya
I am not asking for adjustment in FY 2010-11.
I want to know whether MAT Credit can be utilised after end(FY 2010-11) of Tax Holiday Period against Advance tAX Liability Of next FY (2011-12)

Thanks
Sanjev Jain

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