mat tax
This query is : Resolved
06 September 2009
Is mat credit constitute any defferd tax asset or to say weather while calculatin g the DTA or DTL should we take into account the mat credit we entitled to.Many public co reports i see they recognize the mat tax credit as income and shown it in to the asset side of b\s. under the head loans&advances. moreover many c.a firm includes the mat tax credit in the deffered tax asset or liability schedual.
also state any guideline provided by icai
and also mention any case law for the same
also state any guideline provided by icai
and also mention any case law for the same
06 September 2009
yes, Deferred tax is to be created on tax paid under mat.
Mat paid is to be shown u/h L & A and its Deferred tax is to be treated as per AS-22
Mat paid is to be shown u/h L & A and its Deferred tax is to be treated as per AS-22
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