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mat credit entitlement

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(Querist)
04 October 2009 Is the mat credit entitlement credited to profit & loss account, a taxable item
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chetan soni

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chetan soni (Expert)
04 October 2009 no, you can not credit this to profit & loss account. Due to this effect you are showing higher income which is not right.

This item needs to be give effect to provision for income tax liability account by crediting this to profit & loss appropriation account.
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Sreedhar Atchutuni ACA,GradCWA

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Sreedhar Atchutuni ACA,GradCWA (Expert)
05 October 2009 No, it is not a taxable item.Mat credit has to be shown below the line.
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vimesh rahul

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vimesh rahul (Querist)
11 October 2009 thanks for addressing my query

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