Mat Credit In Profit And Loss Account

20 it is also to be carefully seen that any mat credit previously recognized is to be further maintained or not.

Mat credit in profit and loss account. There is a credit of mat of 4 68 000 which can be carried forward to 15 assessment year. 10 and 11 adjustments to net profit as per explanation 1 34 8 columns 12 13 book profit figure and mat liability. The expenses debited to profit and loss will be rs 80 balance in mat expenses a c short term provisions shows mat payable of rs 100 loans and advances shows mat credit amounting to rs. Assessee being a company on which the proviso to sub section 1 of section 129 of the companies act 2013 is.

To mat credit entitlement account. A tax credit scheme is introduced by which mat paid can be carried forward for set off against regular tax payable during the subsequent fifteen years period subject to certain conditions as under. Before going to analysis prescribed additions and deletions we must understand the meaning of profit loss account. Profit loss account.

It must also be noted that deferred tax charge is not covered by any other clause of the explanation to section 115jb 2 and is therefore not required to be added back in. Meaning of profit loss account for the purpose of book profit as per sub section 2 of section 115jb 1. The unavailed amount of mat credit entitlement if any should continue to be presented under the head loans advances. Mat credit under section 115jaa.

9 net profit according to profit and loss account referred to in 7 above 34 7 column nos.