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According to as 22 deferred tax asset arise on account of differences in the items of income and.
Mat credit accounting treatment. Mat credit is not a deferred tax asset as per as 22 on accounting for taxes on income issued by icai deferred tax liability or deferred tax asset arises on account of timing differences i e. It has been proved that payment of mat does not result in any timing difference since it does not give rise to any difference between the accounting income and taxable income. The differences between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or more subsequent periods. Mat under p l a c dr 100 mat credit under lo.
The differences between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or more. Accounting treatment whether mat credit is a deferred tax asset 4. Lets assume that income tax is 100 mat is 120 you ll have to pay 120 and a credit of the difference between both the amounts will be granted to you. Mat credit may be considered as a deferred tax asset for the purpose of accounting standard as 22 which relates to accounting for taxes on income.
Mat credit is not a deferred tax asset as per as 22 on accounting for taxes on income issued by icai deferred tax liability or deferred tax asset arises on account of timing differences i e.
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