MAT credit u/s 115JAA/115JB of I.T. Act
This query is : Resolved
CA Sanjay Baheti
(Querist)
13 August 2010
Whether MAT Credit available to be set off against tax liability of a Company in subsequent Asst. Years till fully exhausted by virtue of said section can be shown in books of Account under Loans & advances as MAT CRDIT Entitleable.
If Yes then how to pass entry in Books.
As i have seen in Audited B/s of Aditya Birla's company in which it is shown likewise as above
is it correct ,Please confirm with entry.
If Yes then how to pass entry in Books.
As i have seen in Audited B/s of Aditya Birla's company in which it is shown likewise as above
is it correct ,Please confirm with entry.
Aditya Maheshwari
(Expert)
13 August 2010
Yes the above is correct.
Debit mat credit entitlement
and credit P & L A/c
Debit mat credit entitlement
and credit P & L A/c
13 August 2010
Yes.. Mat credit will be treated as a current asset & it is to be created out of PL Account.
Mat Credit Dr.
To Pl Account Cr.
Mat Credit Dr.
To Pl Account Cr.
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