05 October 2017
If due to ICDS 2 we include VAT and other taxes(for which credit available)in closing stock for tax computation purpose,do we need to create Deferred Tax Asset even for sole proprietorship concerns also??If yes then what will be the tax rate--will it be Avg Tax rate?[derived by (Tax payable/Total Income)] And even that has been done how will it's reversal be done if in next year different tax slab applicable for that assessee? please offer your valuable suggestion..
CAclubindia
