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Provision for income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 February 2012 one of my client has MAT. How should this tax be shown in the books of accounts of the client in profit & loss account and balance sheet??
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 February 2012 MAT is nothing but Provision for Income tax. so need to debit Profit & loss a/c and credit Provision for Income tax a/c

MAT payable (Fy) -under Current liability

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