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
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
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