Mat For Assessment Year 2014 15

1000 00 since the income is below 2 50lacs.

Mat for assessment year 2014 15.

Please note that the income of financial year 2014 15 is taxable at the tax rate applicable for assessment year 2015 16. 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. 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. Frequently asked questions faqs q1.

Tuesday december 30 2014. 12 domestic company. Income tax slab tells the tax rate at which you have to pay tax on income. It means as per the bill the reduced rate of 15 per cent for mat is applicable from ay.

Deduction under section 80 ia for power sector. Income tax slab for financial year 2014 15 posted on. Total deduction amount of assessment year 2014 15 and 2015 16 shall be rs. It is extended in up to 31st march 2014.

We can say that it is an amount based deduction and total deduction should not be more than 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. No interest is paid to a taxpayer on such mat credit. Deduction for additional wages in certain cases section 80jja.

Tax payable for any assessment year cannot be less than 18 5 of book profit. 15 firm co operative society local authority.