MAT credit u/s 115JAA/115JB of I.T. Act

This query is : Resolved

CA Sanjay Baheti (Querist)
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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.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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13 August 2010 Yes the above is correct.

Debit mat credit entitlement
and credit P & L A/c

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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.

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MAT credit u/s 115JAA/115JB of I.T. Act

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