In the last year a company has taken mat credit in the books of accounts as 72,00,000
But at the time of tax audit of last year the MAT came as 75,00,000.
During the current year the company is paying tax normally and NOT under 115JB
Can i adjust the 300000 (pertaining to MAT of last year) amount against the current tax this year???
you can adjust credit upto the difference of tax paid under normal provision and tax payable under MAT provision
sir,
please check if this treatment is correct
current tax
LESS:deferred tax 5,00,000
LESS:MAT credit Entitlement 3,00,000
ADD:short provision for tax for earlier years 2,00,000
TOTAL: (6,00,000)
Shyam Joshi & Associates
Pune
B.Com
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CAclubindia
