18 September 2015
Due to the change in the method of depreciation in the current year from WDV TO SLM the depreciation of 1100000 is reversed as an exceptional item without having any change in taxable profit and also the deffered tax asset is standing in the previous year of 300000 and current year depreciation as per slm is 950000
My query is will the reversal of depreciation will have any effect on deferred tax???
normally calculation of DT depreciation for CY companies act 950000 reversal of dep (1100000) less: as per IT 1000000 defferd tax liab 1150000*30.9%
18 September 2015
i knew it was correct but the thing is i failed convincing my CA regarding this. can u please provide me some refrence regarding this
CAclubindia
