Mat credit
This query is : Resolved
Jiwan singh
(Querist)
28 March 2012
1- What is MAT Credit ? How it is account for ?
29 March 2012
MAT is income tax paid in case of regular tax liability is lower than tax liability calculated on book profit and credit of which is available in succeeding year/(s) when the situation is reverse of as above said.(Subject to Compliance with Section 115JB).
It is accounted as charged to P&L account in the year of payment and crediting the P&L account in the year of avail of MAT credit as per AS-22.
Thanking you
CA.Nilang A Dalal
09374821453
It is accounted as charged to P&L account in the year of payment and crediting the P&L account in the year of avail of MAT credit as per AS-22.
Thanking you
CA.Nilang A Dalal
09374821453
Jiwan singh
(Querist)
29 March 2012
Dear Nilang Ji
Plz give Example :
IT as per net profit = 50000/-
MAT as per book profit = 60000/-
which amt. for mat credit ?
Plz give Example :
IT as per net profit = 50000/-
MAT as per book profit = 60000/-
which amt. for mat credit ?
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29 March 2012
MAT credit would be difference between MAT and Normal income tax i.e.(Rs.60000-Rs.50000)=Rs.10000
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