MAT credit...
Bhavika Tourani (Student) (158 Points)
11 July 2022
what will be the accounting treatment of MAT credit ?
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 11 July 2022
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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 11 July 2022
For details refer::
https://tax2win.in/guide/minimum-alternative-tax
&/or
https://www.coverfox.com/personal-finance/tax/minimum-alternate-tax-mat/
Bhavika Tourani
(Student)
(158 Points)
Replied 11 July 2022
My doubt is what will be its treatment in books of accounts?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 12 July 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193928 Points)
Replied 12 July 2022
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