Please suggest me the following..
A company opting for 22% tax rate for F.Y 19-20. Mat Credit is standing in the BS. How should i writeoff and what will be the implications.
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Accounting Provision
Replies (3)
Carrry forward the MAT credit. You can utilise the same in further years in which tax liability as per normal provisions is more than tax liability as per MAT liability.
The MAT credit is allowed to carry forward for a period of 15 years. Unabsorbed MAT credit can be accumulated upto 15 years limit.
Are you sure?? According to provision of 115BAA i had read that we have to write off mat credit. We cannot utilise and can't shift to old provision again.
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