Hi All,
If total income ascertained under normal computation is negative, and there is a situation where tax is payable as per 115JB, can the entire tax paid under 115JB be carried forward for the subsequent assessment years?
3 Replies
Swati
(Partner at BIDS & Co.)
(51 Points)
Replied 08 July 2011
Yes....you can carry forward it. The concept behind the MAT cr. is the excess of MAT paid over the normal rates. It can be carried forward and can be set off in the next 10 consecative AY against the normal tax rates.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 08 July 2011
Will carry forward be allowed under DTC regime.
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
