Set off Mat Credit
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2011
Freinds:
Whether Education Cess & Secoondary Edc Cess on MAT paid can be claimed as set off in the next year while taking a set off of MAT paid (MAT Credit Set off us/. 115JAA) in earlier yrs.
For Eg :
Tax Payable u/s. 115JB : Rs.701904/-
Credit alld. to be set off : Rs.103117/-
Net Payable : Rs.598787/-
Now whether EC & SHEC should be paid on Rs. 701904/- or Rs. 598787/- bcoz EC & SHEC has already been paid on Rs. 103117/-
Pls. note that all other conditions are complied with
Whether Education Cess & Secoondary Edc Cess on MAT paid can be claimed as set off in the next year while taking a set off of MAT paid (MAT Credit Set off us/. 115JAA) in earlier yrs.
For Eg :
Tax Payable u/s. 115JB : Rs.701904/-
Credit alld. to be set off : Rs.103117/-
Net Payable : Rs.598787/-
Now whether EC & SHEC should be paid on Rs. 701904/- or Rs. 598787/- bcoz EC & SHEC has already been paid on Rs. 103117/-
Pls. note that all other conditions are complied with
14 March 2011
Yes, Education and Secondary higher Ed.Cess can be claimed as Set off.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2011
pls can U support ur answer with case law or any section of Income Tax
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