06 August 2012
Dear all Please guide as to how to utilise the following... I have a tax liability of Rs 100 Have got TDS recievable as 65 Advance tax paid 25 Mat credit available 35
Please let me know how will I adjust dis liability..what shall be the sequence of the liabilitty set...whether it will we MAT credit first or wat...pplease refer the section and case law if any.
07 August 2012
Tax liability under normal provisions is 100 then u can first set off MAT credit of Rs 35 (provided your tax as per 115JB is Rs 65 or less). - Section 115JAA
Then you need to set off TDS and then advance tax (Section 209)
CAclubindia
