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      Question

      Section 115JAA allows which of the

      following?
      A Deduction of interest paid on capital borrowed Correct Answer Incorrect Answer
      B Carry forward of MAT credit Correct Answer Incorrect Answer
      C Capital gain exemption on urban land Correct Answer Incorrect Answer
      D Deduction for donations to political parties Correct Answer Incorrect Answer

      Solution

      If a company has paid Minimum Alternate Tax (MAT) under Section 115JB in a year, but regular tax is higher in a future year, then MAT credit under Section 115JAA can be set off.

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