Deferred Tax

Dear All,

My query is..

Can deferred tax as per AS-22 calculated on Profit / loss arise on sale of fixed assets as per companies act....when

1)block of asset exists as per Income tax act

2)block of asset not exists as per income tax act.

 

Regards,

 

Hammad

Replies (6)

yes deffered tax is to be calculated on each timing difference...

1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts ....

2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax..

Originally posted by : CA,CMA,CS Karan Gogia

yes deffered tax is to be calculated on each timing difference...

1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts ....

2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax..

agreed                                                

Originally posted by : CA,CMA,CS Karan Gogia

yes deffered tax is to be calculated on each timing difference...

1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts ....

2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax..

Thanks Sir Karan Gogia...& Future CA

yes i agree with above views

Thanks  to all for the reply given 

yes agree with all

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