mat credit
This query is : Resolved
11 October 2008
Sir i have a small doubt on the entry that has to be posted!!!
Suppose, mat provision is 70000 and income tax provision 50000 ,mat entitlement to be carried forward would be 20000.
The year in which tax becomes payable as per mat ,shudn't the entry be
Income tax a/c dr 50000
mat entitlement dr 20000
To Income tax provision 70000
In next year subsequently the provision can be reversed too
Sir could u please clarify
Suppose, mat provision is 70000 and income tax provision 50000 ,mat entitlement to be carried forward would be 20000.
The year in which tax becomes payable as per mat ,shudn't the entry be
Income tax a/c dr 50000
mat entitlement dr 20000
To Income tax provision 70000
In next year subsequently the provision can be reversed too
Sir could u please clarify
11 October 2008
in my opinion ur entry is correct .
u can also refer to guidance note issued by icai in this behalf.
u can also refer to guidance note issued by icai in this behalf.
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