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Section 115JA

This query is : Resolved 
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(Querist)
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
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
11 October 2009 In the above case surcharge paid as per mat will lapse if in future years surcharge is not payable.
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CA. Jyoti Baid

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CA. Jyoti Baid (Querist)
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
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
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.
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Rajeev

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Rajeev (Expert)
12 October 2009 there is a guidance note on accounting of MAT credit . Kindly have a look at that for proper clarifications
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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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