How to adjust Mat Credit of previous years in current year's books??
Tarun Chaturvedi (Articled Assistant) (24 Points)
04 September 2013How to adjust Mat Credit of previous years in current year's books??
CA Manish Chandak
(Consultancy)
(43 Points)
Replied 04 September 2013
In case MAT Credit Entitlement for the MAT paid for previous years have been recognised in the books of account as an asset,then the said amount has to be set off against the current years tax liability and in case the MAT Credit Entitlement has not been recognised as an asset previously then simply provide for current year tax after deducting MAT Credit.
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