MAT Credit in balance sheet
This query is : Resolved
26 September 2007
Would we show MAT credit recoverable in the balance sheet?
Please support your answer with reasons.
Please support your answer with reasons.
26 September 2007
Dear Sir,
As per the guidelines issued in this regard you should recognize the mat credit recoverable. Plz download the guidelines uploaded today by me on the portal
As per the guidelines issued in this regard you should recognize the mat credit recoverable. Plz download the guidelines uploaded today by me on the portal
10 October 2007
In the Current Year:
MAT Credit Entitlement A/c Dr
To Profit and Loss A/c
(with the amount of MAT credit available)
The account head 'MAT Credit Entitlement' should be shown in the Balance Sheet under the head 'Loans and Advances' on the Assets side.
In the Subsequent Year (i.e. the year of set off):
MAT Credit Availed A/c Dr
To MAT Credit Entitlement A/c
(with the amount of credit availed.
In the Balance Sheet, MAT Credit Availed should be shown as deduction from ‘Provision for Taxation’ on the Liabilities side.
MAT Credit Entitlement A/c Dr
To Profit and Loss A/c
(with the amount of MAT credit available)
The account head 'MAT Credit Entitlement' should be shown in the Balance Sheet under the head 'Loans and Advances' on the Assets side.
In the Subsequent Year (i.e. the year of set off):
MAT Credit Availed A/c Dr
To MAT Credit Entitlement A/c
(with the amount of credit availed.
In the Balance Sheet, MAT Credit Availed should be shown as deduction from ‘Provision for Taxation’ on the Liabilities side.
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