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MAT CREDIT

This query is : Resolved 
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(Querist)
24 November 2008 Is any entry required in books for MAT credit or we have to just show in computation

If any entry required what entry
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 November 2008 No need of an entry.
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Ravikumar.G

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Ravikumar.G (Expert)
24 November 2008 The MAT credit may be reflected as "MAT CREDIT ENTITLEMENT A/c"
The following entry is to be passed for recognizing the MAT credit as Asset:

MAT Credit Entitlement A/c Dr.

To Profit and Loss A/c

While availing the MAT Credit, the following entry is to be passed:

Provision for Taxation A/c Dr

To MAT Credit Entitlement A/c

MAT credit should be reviewed at each balance sheet date.
While writing down the carrying amount of MAT Credit entitlement, the following entry is to be passed:

Profit and Loss A/c Dr.

To MAT Credit Entitlement A/c

The difference between MAT paid and MAT Credit Entitlement can be treated as tax paid during the year.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 November 2008 I stand corrected.
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