CA Amit Jaiswal (Finance Manager) (2720 Points)
17 July 2010
Is there a pre condition that MAT Credit can be utilised only in that year in which "MAT" is more than "Tax Payable under normal provisions of IT Act"?
Please Confirm
Piyush Jain
(CA)
(283 Points)
Replied 17 July 2010
Amit, MAT credit can be utilised in the year in which tax under normal tax rate is more than tax calculated as per MAT.
The credit will be allowed upto tax under MAT.
In other words, any which way you have to pay minimum tax calculated under MAT.
Regards
Piyush
CAclubindia
