Hi all,
Please any one let me know how to account for Mat Credit with Guidence Note Reference.
Regards,
Rudresh
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MAT Credit
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Journal Entry will be as follows:
In the year of accounting of MAT Credit
MAT Credit Entitlement A/c (Loans & Advances) Dr.
To P&L A/c
In the year of seting off MAT credit, following entry be passed:
Provision for Tax A/c Dr.
To MAT credit Entitlement A/c
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