How to adjust mat credit both in p&l and balance sheet

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2013 how to adjust Mat credit both in p&l and Balance sheet

28 June 2013 show the tax credit as an asset.

18 October 2013 Firstly recognises MAT Credit in the books as an assets under the head "loans & Advances".

In the year of set off of credit, the amount of credit availed should be shown as a deduction from the "provision for Taxation" on the liabilities side of the balance sheet. Under Profit & Loss account, MAT paid is fully charges to P&L A/c. as expenses




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