Mat treatment in books in conversion into llp from pvt ltd
This query is : Resolved
10 May 2016
Dear expert,
In case of conversion of Pvt Ltd into LLP, as per the provision of section 115JA(7), the succeeding LLP will not be allowed the credit of MAT paid by the preceding company. But how to write off MAT credit entitlement in books of accounts when Pvt Ltd is converted into LLP? And whether it will be written off in Pvt Ltd closing books or in LLP books? What would be the accounting treatment?
In case of conversion of Pvt Ltd into LLP, as per the provision of section 115JA(7), the succeeding LLP will not be allowed the credit of MAT paid by the preceding company. But how to write off MAT credit entitlement in books of accounts when Pvt Ltd is converted into LLP? And whether it will be written off in Pvt Ltd closing books or in LLP books? What would be the accounting treatment?
CA VISHNU GAVKARE
(Expert)
11 May 2016
Ideally it should be w/o in Pvt Ltd Books. Although it is expenses will not be allowed for tax purpose.
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