As per Sec. 115JB (1) of income tax act when Normal Income tax payable of a company is less than 18.5% of his book profit then 18.5% of book profit deemed to be the total income of that assessee and the tax payable by the assessee on such total income shall be the amount of income tax at the rate 18.5%.
Now my question is wheather Mat credit of earlier year will be deducted for calculating Normal Income Tax payable ??
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