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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Can any one please tell me journal entry to record MAT credit in books as per AS 22.

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rohit agarwal commented over 3 years ago

Dear Friend, as discussed below, MAT Credit Credit does not result in any timing difference since it does not give rise to any difference between the accounting income and taxable income. Kindly refer Guidance Note on MAT credit entitlement as issed by the ICAI for proper accounting treatment and disclosure requirements.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi Friend According to the terms of AS-22 MAT Credit does not result in any timing difference since it does not give rise to any difference between the accounting income and taxable income.According to AS 22 Deferred Tax Asset arise on account of differences in the items of income and expenses credited in the P&L a/c. In view of this, it is not appropriate to consider MAT Credit as Deferred tax asset for the purposes of AS 22. However journal entries as suggested by other friend are valid as far as accounting is concerned.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The following entry is to passed " MAT Credit Entitlement A/c Dr. To Profit & Loss A/C Cr. While Availing the MAT credit: Provision for Taxation A/c Dr. To MAT Credit entitlement A/c Further MAT credit is to be reviewed at each balance sheet date. While writing down the MAT credit entitlement following entry is to be passed : Profit & Loss a/c Dr. To MAT Credit Entitlement A/c

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