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Mat entries

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2017 Sir , please guide : In the case of Pvt Ltd.company ,, in the year 2016-17 Tax payable as per Income tax is nil but mat is payable. So we have made provision for mat tax as MAT Tax Exp to Mat Payable of Rs. 5000.
we have paid it on 25.09.2017 and passed entry as MAT Payable to Bank a/c of Rs. 5000. How to Create Mat credit now and pass other MAT related entries and present in financial statements.Thanks.
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Udaya Chandran

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Udaya Chandran (Expert)
09 October 2017 MAT credit is the difference between tax payable as per Income tax and MAT provisions.

MAT Credit Dr.
MAT Exp. Cr.

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