MAT credit u/s 115JAA/115JB of I.T. Act
This query is : Resolved
13 August 2010
Whether MAT Credit available to be set off against tax liability of a Company in subsequent Asst. Years till fully exhausted by virtue of said section can be shown in books of Account under Loans & advances as MAT CRDIT Entitleable.
If Yes then how to pass entry in Books.
As i have seen in Audited B/s of Aditya Birla's company in which it is shown likewise as above
is it correct ,Please confirm with entry.
If Yes then how to pass entry in Books.
As i have seen in Audited B/s of Aditya Birla's company in which it is shown likewise as above
is it correct ,Please confirm with entry.
13 August 2010
Yes the above is correct.
Debit mat credit entitlement
and credit P & L A/c
Debit mat credit entitlement
and credit P & L A/c
13 August 2010
Yes.. Mat credit will be treated as a current asset & it is to be created out of PL Account.
Mat Credit Dr.
To Pl Account Cr.
Mat Credit Dr.
To Pl Account Cr.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Gst Sales of FY 2023-24
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
