Mat Credit Entitlement In Profit And Loss Account

Mat credit entitlement loans and advances dr 20 to mat expenses indirect expenses 20 summarizing the above situation 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. There is a credit of mat of 4 68 000 which can be carried forward to 15 assessment year. Mat credit under section 115jaa.

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