Dear Members,
I have a query on MAT ceredit and its credit allowability with Long TErm CApital Gain Tax.
A Public Ltd company has LOSS under the normal provision of Income Tax and is paying MAT for the last four financial years. In the current year also, LOSS is coming and Long TErm Capital Gain is also there. So the company will have to pay:
MAT for business income and,
LTCG tax @ 20% on LTCG income.
Now my qury is:
Whehter the company can adjust the MAT credit available (paid during the last four FYs and for the current FY that the compnay will pay) agsinst the Long Term capital gain TAX?
Relpy with sprecific provions and expalnation is expected.
Regards
Sujit Talukder
CAclubindia
