Minimum alternate Tax (MAT) - Tax credit u/s 115JAA - surcharge ...

Income Tax

July 10, 2023

Minimum alternate Tax (MAT) - Tax credit u/s 115JAA - surcharge and cess - Revenue (CPC) has admittedly applied surcharge and education cess on a tax credit u/s. 115JAA i.e., at 9.062%, or at a higher than applicable rate of 8.15%, resulting in an additional charge. As it appears, the levy of surcharge/cess while allowing tax credit, has not been on the amount of credit, but on Rs. 259.07 lacs, the tax payable under the regular provisions of the Act. - Whatever may be the behavior of the surcharge and cess rates over the two years, there is, per the said manner of allowing credit, it may be appreciated, no breach of the principle of non-double levy and, besides, is consistent with s. 115JAA. - AT

View Source

← Previous Next →

Minimum alternate Tax (MAT) - Tax credit u/s 115JAA - surcharge ...

Income Tax

July 10, 2023

You may also like:

Rectification of mistake u/s 154 - Difference of MAT credit not allowed to the assessee as related to surcharge and cess components of the MAT taxes paid in earlier...

Disallowance of credit of surcharge and education cess - MAT u/s 115JAA - if only income tax is paid under the provisions of section 115JB it is natural that tax credit...

Determining the MAT credit u/s 115JAA - Non granting credit for surcharge and cess while computing the tax credit u/s 115JAA - department cannot be unjustly enriched...

Eligibility for MAT credit u/s 115JAA - the amount of the MAT tax credit, inclusive of surcharge and education cess etc., if any, should be reduced from the amount of...

Set off of MAT credit u/s.115JAA - assessee being a company had filed its return of income in ITR-6 (i.e. prescribed form) under schedule for MAT credit (Schedule MATC),...

Set-off of MAT credit u/s 115JAA - surcharge and cess - The observation of the Ld.CIT(A) that the issue is debatable one is not sustainable - majority of the decisions...

MAT credit u/s 115JAA - Whether MAT credit includes surcharge and education cess instead of excluding surcharge and education cess - The Hon'ble Supreme Court explained...

MAT credit computation u/s 115JAA - Inclusion of surcharge and cess - term "income tax" as employed in Section 2 of the Finance Act, which includes surcharge as also the...

Tribunal was right in confirming the set-off of MAT Credit under Section 115JAA brought forward from earlier years against tax on total income including surcharge and...

Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

Levy of Surcharge and education cess - MAT credit u/s 115JJA - MAT credit should first be reduced from the tax payable and thereafter on the residual amount the...

Restriction of MAT credit - whether for the purposes of computing the MAT credit u/s 115JAA whether tax include surcharge and education cess or not? - Held Yes

MAT credit on the difference between gross tax liability as per normal provisions and MAT provisions as claimed by assessee in ITR instead of base tax as per normal...

Surcharge and education cess to be levied after giving MAT credit - The nature of MAT is like pre-paid taxes and, therefore, it should be treated alike for the purposes...

CIT (A) has erred in not giving the due credit of MAT u/s 115JAA as MAT includes surcharge on MAT as well as education cess and the same was undisputedly paid by the...

Quick Updates: