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provisions of 115jb

Srinivasu (article) (71 Points)

08 November 2007

in this case company has to pay tax u/s 115jb the company has TDS for this situations MAT tax is deducted from tds amount after that balance mat tax is payable through self assessment u/s 140A for this how to seggregate surcharge, education cess and penalty interest u/s 234B&C

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Sathish Karunakaran (ACA) (614 Points)
Replied 08 November 2007

a) MAT b) Add : Surcharge 10% c) Add : HSE Cess 2% d) Total Tax Payable [a+b+c] e) Less : TDS f) Net Tax Payable [d-e] g) Add : Interest U/s. 234A, 234B & 234C [to be calculated on (f)] h) Tax Payable including Interest i) Less : Self Assessment tax paid U/s. 140A [h]