MAT credit to be calculated after surcharge and Cess

Brief of the Case ITAT Hyderabad held in the case of M/s Virtusa (India) Pvt. Ltd. vs. DCIT that per sec.115JB (2A), the tax credit shall be the difference of tax paid for any AY under 115JB(1) and the amount of tax payable on his total income computed in accordance with the other provisions of this Act. The important word used is tax paid and as per the Hon’ble Apex Court decision in the case of K. Srinivasan [1972] 83 ITR 346 (SC), the term ‘tax’ includes surcharges. Also the assessee has relied on the ITR – 6 format as approved by CBDT to arrive at the total liability as well as the...