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
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EPF FULL & FINAL RULES IN 2026
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
