19 April 2012
Refer Sec 115JB of Income tax act as to how to calculate it. In case of ascertaining MAT Credit, here is the example. Assume tax as per normal provision is Rs. 100,000 and tax as per 115JB is Rs. 250,000. Then MAT Credit will be Rs. 150,000 and tax liability debited to P&L is Rs. 100,000 and Rs. 150,000 will be shown as MAT Credit in loans and advances.
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