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 :
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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
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