Friday, 14 December 2018

ITAT : Tax includes surcharge & education cess for purposes of calculating MAT credit

Mumbai ITAT rules on quantum of carried forward MAT credit, holds that tax includes surcharge and education cess for the purposes of computing the MAT credit for AY 2008-09, follows Jaipur ITAT ruling in Eastern Jewels Pvt. Ltd.; AO had held that only tax is to be allowed to be carried forward as MAT credit and not surcharge and education cess, AO had accordingly restricted the MAT credit claim; Rejecting Revenue’s action, ITAT cites SC ruling in K. Srinivasan wherein it was held that surcharge is part of income-tax; Further takes note of Explanation 2 to Sec. 115JB which provides that the amount of income tax shall include surcharge and education cess  :ITAT 

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Karnataka HC holds HSNS Cess framework unconstitutional due to manner of Cess calculation

  This Tax Alert summarizes a recent ruling of the Karnataka High Court (HC) [1] on the constitutional validity of Health Security se Natio...