How to adjust mat credit both in p&l and balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2013
how to adjust Mat credit both in p&l and Balance sheet
Anil Sankar V
(Expert)
28 June 2013
show the tax credit as an asset.
18 October 2013
Firstly recognises MAT Credit in the books as an assets under the head "loans & Advances".
In the year of set off of credit, the amount of credit availed should be shown as a deduction from the "provision for Taxation" on the liabilities side of the balance sheet. Under Profit & Loss account, MAT paid is fully charges to P&L A/c. as expenses
In the year of set off of credit, the amount of credit availed should be shown as a deduction from the "provision for Taxation" on the liabilities side of the balance sheet. Under Profit & Loss account, MAT paid is fully charges to P&L A/c. as expenses
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- Tax on Amount transferred in HUF Account
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
