Which/all of the following we need to add (+) in Net Profit for arriving at book profit for calculating MAT.
--Provision for FBT --Deferred tax liability --Provision for Electricity Bill Payable
Which/all of the following we need to add/deduct (+) /(-) in/ from Net Profit for arriving at book profit for calculating Defered tax Liability/asset.
-- provision for FBT -- Provision for Electricity bill payable -- Provision for MAT -- Rent Received in Advance (as it amounts to temporary difference because it is not credited to P/l A/c due to Mercantile system of Accounting BUT taxable as per Income Tax Act 1961)
CAclubindia
