Mat For Assessment Year 2014 15

Income tax slab tells the tax rate at which you have to pay tax on income.

Mat for assessment year 2014 15.

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. 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. It is extended in up to 31st march 2014. Deduction under section 80 ia for power sector.

1000 00 since the income is below 2 50lacs. Tuesday december 30 2014. Income tax slab for financial year 2014 15 posted on. 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. It means as per the bill the reduced rate of 15 per cent for mat is applicable from ay. Tax payable for any assessment year cannot be less than 18 5 of book profit. Frequently asked questions faqs q1.

We can say that it is an amount based deduction and total deduction should not be more than rs. Please note that the income of financial year 2014 15 is taxable at the tax rate applicable for assessment year 2015 16. 12 domestic company. Total deduction amount of assessment year 2014 15 and 2015 16 shall be rs.

Deduction for additional wages in certain cases section 80jja. Is less than the rate of mat applicable from the assessment year 2016 17.