Section 115JA
This query is : Resolved
11 October 2009
Sir
THE AMOUNT OF MAT CREDIT THAT CAN BE CARRIED FORWARD TO NEXT YEARS WILL INCLUDE:
ONLY INCOME TAX OR
INCOME TAX+ SURCHARGE+ CESS.
WHAT WILL HAPPEN IF SURCHARGE IS NOT APPLICABLE TO THE COMPANY IN SUBSEQUENT YEARS,i.e. WILL THE AMOUNT OF SURCHARGE WHICH IS PAID AS PER MAT WILL LAPSE.
Regards,
Jyoti
THE AMOUNT OF MAT CREDIT THAT CAN BE CARRIED FORWARD TO NEXT YEARS WILL INCLUDE:
ONLY INCOME TAX OR
INCOME TAX+ SURCHARGE+ CESS.
WHAT WILL HAPPEN IF SURCHARGE IS NOT APPLICABLE TO THE COMPANY IN SUBSEQUENT YEARS,i.e. WILL THE AMOUNT OF SURCHARGE WHICH IS PAID AS PER MAT WILL LAPSE.
Regards,
Jyoti
11 October 2009
In the above case surcharge paid as per mat will lapse if in future years surcharge is not payable.
11 October 2009
THANK YOU FOR THE REPLY.
WHAT WILL BE THE AMOUNT OF MAT CREDIT WHICH CAN BE ACCOUNTED FOR AS "MAT CREDIT ENTITLEMENT" IN ACCOUNTS:
ONLY INCOME TAX
OR
INCOME TAX+SURCHARGE+CESS
REGARDS,
JYOTI
WHAT WILL BE THE AMOUNT OF MAT CREDIT WHICH CAN BE ACCOUNTED FOR AS "MAT CREDIT ENTITLEMENT" IN ACCOUNTS:
ONLY INCOME TAX
OR
INCOME TAX+SURCHARGE+CESS
REGARDS,
JYOTI
11 October 2009
Credit should be accounted for income tax, surcharge, primary education cess, and secondary education cess (atleasat you should have workings with you for break up) and in books can be shown as one amount.
In the year of lapse you should transfer to profit and loss account. Until then it should be carried over.
In the year of lapse you should transfer to profit and loss account. Until then it should be carried over.
Message likes :
1 times
12 October 2009
there is a guidance note on accounting of MAT credit . Kindly have a look at that for proper clarifications
12 October 2009
Only income tax credit can be taken. You can aslo check the format of ITR for more clarity
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- IT returns for fresh job holders
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
