What if Claim recieved is more than the value of Depreciable Asset?
For Example: Book Value of Asset in the books of the company Rs. 40000.00; Claim Recieved Rs. 55000.00 and WDV as per Income tax Act Rs. 35000.00. What will be the entry in the books and treatment for income Tax Purpose?
and we have been providing for Deffered Tax liability for the Diffrence in WDV as per Income Tax Act and WDV as per Companies Act. Shoud the Deffered tax Liability provided for in Previous Years be Reversed?