Accounting treatment of mat
This query is : Resolved
01 September 2011
According to Guidance Note issued by ICAI, MAT has to be taken under Loans and Advances in Balance Sheet whereas ASI 6 assumes MAT as a current tax which has to be dealt like Income Tax i.e shall be taken to Profit & Loss Account. What should be the proper accounting treatment?
20 September 2011
You are confused between MAT Credit and MAT.
MAT credit is to be shown under loans and advances.
Actual MAT paid is to be treated as tax paid and taken to P&L
MAT credit is to be shown under loans and advances.
Actual MAT paid is to be treated as tax paid and taken to P&L
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