Can some tell me for how many year we can take Credit for MAT and what are others pros & cons?????
ALSO HAPPY DIWALI TO ALL
5 Replies
Sathish Karunakaran
(ACA)
(614 Points)
Replied 08 November 2007
MAT credit adjustment period has been increased from 2 to 7 years during last year's union finance budget. Kindly refer Sec. 115JAA (3A).
Abhishek Sharma
(Still Learning)
(64 Points)
Replied 09 November 2007
Thanks a lott Mr. Sathish Karunakaran & Mr.KAPIL G. THAKORE
Have a nice and enjoyble Diwali
R.K.Bajpai
(SERVICE)
(25 Points)
Replied 09 November 2007
PLS LET US KNOW IF MAT EXCESS DEPOSITED SO WE CAN ADJUST IN NEXT YEAR MAT LIABILITIES
Amarjeet Singh
(Chartered Accountant)
(152 Points)
Replied 09 November 2007
Mat Credit shall not be allowed beyond the seventh assessment year immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1A) of Section 115JAA
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