Mat credit

sir,

querry regarding mat credit---   if my total TAX amount as pet INCOME TAX  provisions is 100 and as per MAT is 150. i have paid mat of 150 and made a mat credit for 50/-   next year my  total TAX amount as pet INCOME TAX  provisions is 150 and as per MAT is 100. then what amount i hav to pay as tax this year ???

can mat be adjusted against INCOME TAX amount or only with MAT payable amount in subsequent year??

thanks in advance !!!

Replies (1)
yes MAT credit of 50 will be adjusted from 150 and you need to pay only 100 as income tax.

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