Minimum alternate tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2013 Dear All,

can any one suggest how to treat the following transaction in the year ended 31.3.13 as under:

income under income tax: nil
book profit : Rs.2000000

mat @19.0555 :Rs.381100

please tell me the complete accounting entry in the year ended 31.3.13 and effect of b/s and p/l a/c.

CA Mohit Bansal

CA Mohit Bansal (Expert)
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12 September 2013 I believe corporate income tax rate is @ 30.90% in your case:

Income Tax A/c (P&L)....Dr. 618000
To Income Tax Payable (B/S) 381100
To Defered Tax Liability (B/S) 236900

Note: MAT Credit of Rs. 381100 is to be carry forward for the next 8 AYs.