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mat credit

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(Querist)
11 October 2008 Sir i have a small doubt on the entry that has to be posted!!!

Suppose, mat provision is 70000 and income tax provision 50000 ,mat entitlement to be carried forward would be 20000.

The year in which tax becomes payable as per mat ,shudn't the entry be

Income tax a/c dr 50000

mat entitlement dr 20000

To Income tax provision 70000

In next year subsequently the provision can be reversed too

Sir could u please clarify
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Jitender

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Jitender (Expert)
11 October 2008 in my opinion ur entry is correct .
u can also refer to guidance note issued by icai in this behalf.

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