Mat For Assessment Year 2014 15

No interest is paid to a taxpayer on such mat credit.

Mat for assessment year 2014 15.

Mat credit that is equivalent to the tax paid in excess of mat over normal tax liability can be carried forward up to a period of 15 assessment years from the year mat credit was generated. Deduction under section 80 ia for power sector. We can say that it is an amount based deduction and total deduction should not be more than rs. Tax payable for any assessment year cannot be less than 18 5 of book profit.

12 domestic company. Total deduction amount of assessment year 2014 15 and 2015 16 shall be rs. Tuesday december 30 2014. However when the taxation laws amendment bill 2019 was tabled in the parliament for approval of the ordinance the expression of the provision related to the applicability of the commencement date for reduced mat rate was modified and the assessment year 2020 21 is amended to previous year.

Income tax slab tells the tax rate at which you have to pay tax on income. Frequently asked questions faqs q1. 1000 00 since the income is below 2 50lacs. Today i have gone to income tax department to file the return financial year 2014 15 assessment year 2015 16 whereas the income tax officer has told me to pay penalty rs.

It means as per the bill the reduced rate of 15 per cent for mat is applicable from ay. Deduction for additional wages in certain cases section 80jja. However if mat credit cannot be utilised by the company within a period of 15 years immediately succeeding the assessment year in which such credit was generated then it will lapse. 15 firm co operative society local authority.

My query is why i should pay the penalty since the law is made on 1st april 2017 onwords and not to prior to that. It is extended in up to 31st march 2014.