When any amount of tax is paid as MAT by the company, then it can claim the credit of such tax paid in accordance with the provision of section 115JAA. Allowable Tax Credit: Tax paid as per MAT calculation — Income tax payable under normal provision of Income-tax Act, 1961. Note:No interest shall be paid on this … See more Minimum Alternative Tax is payable under the Income Tax Act. The concept of MAT was introduced to target those companies that make huge profits and pay … See more MAT is equal to 15% with effect from AY 2024-21 (MAT was 18.5% prior to AY 2024-21) of Book profits (Plus surcharge and cess, as applicable). Book profit … See more MAT is applicable to all companies including foreign companies. The tax rate is 15% from FY 2024-20 i.e. AY 2024-21. Such tax credit shall be carried forward for 15 … See more WebIn the return of income the assessee has claimed MAT credit of Rs. 16,20,001/- u/s. 115JAA of the Act. The return of income filed was processed by CPC and as per the intimation u/s. 143(1) of the Act the assessee has been given credit of only Rs. 14,29,834/- excluding of surcharge and education cess resulting in short credit of Rs. 1,90,167/- while allowing …
What is the applicable Minimum Alternate Tax (MAT) Rate for AY …
WebSection 115JAA of Income Tax Act amended by Finance Act and IT Rules. Tax credit for tax paid on deemed income relating to certain companies. Amended and updated notes on … Web19 Sep 2024 · Knowledge about MAT (Minimum Select Tax) which is tax payable under Generate tax Act. Check exit the concepts of MAT & instructions for calculate MAT. san diego mwr ticket list
CIT vs. Tulsyan NEC (Supreme Court) – itatonline.org
http://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-Fiserv-India-Pvt-Ltd.pdf WebCATCH WORDS: Book profit - Deemed income - Tax credit - Availment of MAT credit u/s. 115JAA. CIT v. Tulsyan NEC Ltd. [330 ITR 227], the Supreme Court held that the fact that … Web13 Sep 2024 · MAT credit is available to an assessee company under the provision of section 115JAA of the Act. The companies who pay tax according to section 115JB (1) … shop well for the planet s01e03