35ad with as22

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ARJUN SINGH DANGI THAKUR (Querist)
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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.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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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.

ARJUN SINGH DANGI THAKUR

ARJUN SINGH DANGI THAKUR (Querist)
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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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