New RBI Grade B 2025 Notification will come Soon! Enroll Here

    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.

    Practice Next