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Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2011 Dear Experts,

For 31/03/11 the accounts were finalised and balance sheet were signed in August. At the time of filing the return in Sep, it was found that MAT was applicable and was payable and was paid before filing of the return.

Plz provide the journal entries to be passed in the books for the f/y 2010-11 & 2011-2012

Thnx in advance

Preeti (9971144895)

Preeti (9971144895) (Expert)
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07 October 2011 As u know MAt is minimyum alternative tax due loss and claiming of depreciation. It is treated as minimum income tax which you have to pay inspite of loss in the business. Then you can pass the enrty as income tax provision of mat i.e, Mat dr, provision for mat cr. then in the f.y 2011-2012 entry would be provision for mat de and cash/bank cr.

Thanx & Best Regards,
Preeti Rajput
9015098149

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