Dear Frnds,
can any one tell, Whether MAT credit availed for inclusive of surchage & educationn cess OR it can availed only to the extent of Basic Income Tax.. ?? Please clarify..
Thanks & Regards
Prathyusha Reddy
1 Replies
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 17 March 2016
Hi,
MAT credit is availed as follows -
Tax as per Normal provisions of income tax @ (30% + Surcharge + cess)
Less: MAT tax payable @ (18.5% + Surcharge + cess)
= MAT credit availed
Thanks
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