16 June 2013
An assessee filed return for the 1st time after receipt of notice u/s 153C and within time allowed in the notice. Tax was deteremined in the assessment. Is the assessee liable to pay 234A interest. Please clarify.
16 June 2013
sir, for calculation of deferred tax asset/liability whether the following differences will be considered as timing difference ? 1. profit on sale of fixed asset 2. profit on sale of shares which is exempt u/s 10(38) 3. profit on sales of listed security where indexation facility opted and tax paid @20%
No, all three will not form part of DTA/DTL as per AS22 accounting for taxes on income as all three events fails to satisfy definition of timing difference.
What is timing difference? Ans.differences originate in one period and capable of reversal in the subsequent periods.
17 June 2013
If Fixed Assets being sold are part of block and the block still exists, it would lead to timing difference as Capital Gains would be taxed only when the block ceases to exist or the WDV becomes Zero.
CAclubindia
