Mat Credit
This query is : Resolved
20 November 2007
Can we credit the mat credit in the P&L a/c as per AS 22.Please give the detail of AS 22 & any other guidance note on MAT credit.My doubt regarding entry of MAT CREDIT when we can't book the future profit as per prudent concept then why we are making entry of MAT credit.
20 November 2007
Pl.read the Accounting Standard Interpretaion 6 for this matter.As per AS 22,prudent concept cannot be ignored while making entry for MAT credit.If there is a certainity (specifically virtual certainity is required)for future set off,then only future profit could be considered.
In other words,if the company has unabsorbed depreciation loss or other lossess which are allowable as per Income tax records then only it can pass the entry for MAT credit.
Pl.read ASI3,ASI 4 regarding this
In other words,if the company has unabsorbed depreciation loss or other lossess which are allowable as per Income tax records then only it can pass the entry for MAT credit.
Pl.read ASI3,ASI 4 regarding this
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- STCG on ETF gold & silver
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
