mat credit entitlement
This query is : Open
04 October 2009
Is the mat credit entitlement credited to profit & loss account, a taxable item
04 October 2009
no, you can not credit this to profit & loss account. Due to this effect you are showing higher income which is not right.
This item needs to be give effect to provision for income tax liability account by crediting this to profit & loss appropriation account.
This item needs to be give effect to provision for income tax liability account by crediting this to profit & loss appropriation account.
05 October 2009
No, it is not a taxable item.Mat credit has to be shown below the line.
11 October 2009
thanks for addressing my query
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