Tax Credit for Minimum Alternate Tax Liability
Paid
Tax credit
shall be allowed, where
minimum alternate tax has been paid by a Company for assessment year
2006-2007 or thereafter, as per section 115JAA, to such company as
under:-
|
Tax paid for any assessment year under section
115JB(1) |
XXX
|
|
Less: - The amount of tax payable by the
assessee on its total income computed as per normal tax computation
|
XXX |
|
Minimum Alternate Tax (MAT) Credit Available
|
XXX
|
Note: - No
interest shall be payable on the MAT credit allowed.
The amount of
MAT credit shall be
carried forward and set off as under:-
- The MAT
credit shall be allowed set-off in a
year when tax becomes payable on the total income computed in
accordance with the provisions of this Act other than section 115JB,
and
- Set off in
respect of brought forward MAT
credit shall be allowed for any assessment year as under: -
|
Tax on his total income |
XXX
|
|
Less: - Tax which would have been payable under
section 115JB
|
XXX |
|
MAT Credit Adjustable |
XXX
|
Such carry
forward shall not be allowed beyond the
7th Assessment Year immediately succeeding the assessment year in which
MAT credit becomes allowable.
Where as a
result of an order under section 143(1)
or section 143(3), section 144, section 147, section 154, section 155,
section 245D(4), section 250, section 254, section 260, section 262,
section 263 or section 264, the amount of tax payable under this Act is
reduced or increased, as the case may be, the amount of tax credit
allowed under this section shall also be increased or reduced
accordingly.
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