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MAT credit...
what will be the accounting treatment of MAT credit ?
Replies (5)
Quick Summary
The provisions of MAT are applicable to a corporate taxpayer only.
The provisions relating to AMT are applicable to non-corporate taxpayers in a modified pattern in the form of Alternate Minimum Tax, i.e., AMT. Thus, it can be said that MAT applies to companies and AMT applies to a person other than a company.
For details refer::
https://tax2win.in/guide/minimum-alternative-tax
&/or
https://www.coverfox.com/personal-finance/tax/minimum-alternate-tax-mat/
My doubt is what will be its treatment in books of accounts?
https://www.caclubindia.com/forum/mat-journal-entries-175330.asp
https://www.cagmc.com/minimum-alternate-tax-mat-credit-concepts-and-accounting/
https://cleartax.in/s/tax-planning-under-mat
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