Minimum alternate tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2013
Dear All,
can any one suggest how to treat the following transaction in the year ended 31.3.13 as under:
income under income tax: nil
book profit : Rs.2000000
mat @19.0555 :Rs.381100
please tell me the complete accounting entry in the year ended 31.3.13 and effect of b/s and p/l a/c.
can any one suggest how to treat the following transaction in the year ended 31.3.13 as under:
income under income tax: nil
book profit : Rs.2000000
mat @19.0555 :Rs.381100
please tell me the complete accounting entry in the year ended 31.3.13 and effect of b/s and p/l a/c.
CA Mohit Bansal
(Expert)
12 September 2013
I believe corporate income tax rate is @ 30.90% in your case:
Income Tax A/c (P&L)....Dr. 618000
To Income Tax Payable (B/S) 381100
To Defered Tax Liability (B/S) 236900
Note: MAT Credit of Rs. 381100 is to be carry forward for the next 8 AYs.
Income Tax A/c (P&L)....Dr. 618000
To Income Tax Payable (B/S) 381100
To Defered Tax Liability (B/S) 236900
Note: MAT Credit of Rs. 381100 is to be carry forward for the next 8 AYs.
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