Accounting for MAT

K.Samish (C.A) (34 Points)

25 October 2007  

As per the guidance for MAT, whether the MAT paid should be charged off to P&L a/c
and the in year in which it is available, an asset has to be created by crediting the P&L a/c.The only thing is that whether any provision for tax is to be made when there is only MAT applicable to the particular company.Please clarify on the above issue.