Deffered tax

This query is : Resolved

CA CS Baljit Kaur (Querist)
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24 December 2011 If Accounting Profit is Rs.5,00,000 , Book Profit as per MAT-4,50,000, Profit as per Income Tax Act Rs.50000/-, tax rate 30%,MAT rate 7.5%, what would be the amount transferred to Profit and Loss Account?

CA Navin Jain

CA Navin Jain (Expert)
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24 December 2011 Current Rate of MAT IS 18.50%

However Answer of your query is
Profit and loss appropriation - Dr Rs. 33750
to provision of Tax Rs. 33750

2.Deferred tax Assets- Dr. Rs. 18750
to profit and loss appropriation Rs. 18750

CA CS Baljit Kaur

CA CS Baljit Kaur (Querist)
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25 December 2011 but AS 22 says MAT can b=never be adjusted against Defferred tax.?

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