Mat Treatment In Accounts

Mat credit is shown as a deduction for the tax expenses in the year in which mat credit is recognized. 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. In this case mat doesn t arise and hence accounting treatment is similar to the entry to be passed for provision for tax.

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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 treatment in accounts.

Disclosure with respect to mat. However when the mat credit is not considered as a deferred tax asset it is still to be considered as an asset and the same should be classified under the head loans and advances. 1 whether mat credit is a deferred tax asset. Refer my article on the accounting entry for provision for income tax.

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.

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