35ad with as22
This query is : Resolved
18 October 2016
our company has a profit as per books of a/c is rs . 50lakh. but in income tax there is loss of rs 1100 lakhs due to deduction u/s 35AD. I have a quary whether this will be create deferred tax assets or deferred tax liability. please substance your answer in details.
19 October 2016
Since you are not liable to pay tax now due to certain provisions in the Income Tax, it has not resulted in the expense now but in the future it would be allowed as expense in the books. Thus, in such case since you are claiming it as expense now, it would be considered as deferred tax liability.
19 October 2016
Amrita Mam, but due to 35AD there is a carry forward of loss in return and as per AS 22 due to carry forward of losses deferred tax liability created.
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