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Mat credit

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(Querist)
28 March 2012 1- What is MAT Credit ? How it is account for ?
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Nilang

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Nilang (Expert)
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
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Jiwan singh

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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 ?
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Nilang

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Nilang (Expert)
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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