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Deferred tax asset recognition

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2013 DEAR MEMBERS I HAVE A QUERY RELEVANT TO DEFERRED TAX ASSET CREATION.FOR CLOSING BOOKS OF ACCOUNTS FOR THE F.Y 2011-12, I HAVE PASSED AN ENTRY FOR DEFERRED TAX CONSIDERING THE SEC.43B DISALLOWANCES. HOWEVER, THE 43B DISALLOWANCES CONSIDERED FOR INCOME TAX RETURN VARIES WITH SEC.43B DISALLOWANCES CONSIDERED FOR INCOME TAX PROVISION CALCULATION AT TH YEAR END. HENCE, IS IT NECESSARY TO ADJUST THE DIFFERENCE TO THE EXTENT VARIED WITH THE TWO SITUATIONS ? IF YES, HOW IT SHOULD BE DONE.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 June 2013 Books are closed. you cannot adjust in back dated. so what ever difference you can correct the current year only

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