30 August 2012
Plz solve this. WDV as per IT = 1152312 WDV as per Companies Act = 1320865 Depreciation as per IT = 577804 Depreciation as per Companies act =409251 Net Loss = 1151085 how to calculate DTA for the first year?
Note:for creating DTA on loss there should be convincing evidence that sufficient future taxable income will be available against which such DTA can be be realized.
if you don not have any evidence then only DTL for Depreciation difference can be created.
30 August 2012
Dear Mr. Ravikumar, my answer may not matching as i have taken book loss as per IT act, im getting DTA net 355685. to whoom i should rely..?
30 August 2012
Please consider the taxable loss under normal provision for calculating DTA. Book loss has no relevance on DTA because only taxable loss can be carry forward to 8 AY hence DTA should be created on the same.
Book profit is only relevant for calculating MAT. I answered based on the AS 22 please refer the AS and let me know any clarification or suggestion...
31 August 2012
Yes Mr Ravikumar, i calculated according to taxable loss only, that is
Taxable Loss= book loss+Dep as per Companies act-dep as per IT act = (1151085)+409251-577804 = (1319638) DTA = (1319638)*30.9% = 407768 DTL on Depreciation=(1320865-1152312)*30.9% =52083
CAclubindia
