Accounting of Deferred tax
This query is : Resolved
02 August 2010
Sir, I would like to know about how to calculate deferred tax asset/liability and its treatment during preparing profit and loss and balance sheet of companies. pls advice.
CA Sanat Pyne
(Expert)
02 August 2010
deffered tax asset calculation
As at 31.03.2010
W.D.V. of Fixed Assets as per Companies Act 46047096.32
W.D.V. of Fixed Assets as per Income Tax Act 34161902.89
Short Depreciation charged as per Companies Act 11885193.43
Deffered Tax Liabilities @ 33.99% on Depreciation 4039777
As at 31.03.2010
W.D.V. of Fixed Assets as per Companies Act 46047096.32
W.D.V. of Fixed Assets as per Income Tax Act 34161902.89
Short Depreciation charged as per Companies Act 11885193.43
Deffered Tax Liabilities @ 33.99% on Depreciation 4039777
02 August 2010
Sir first thank for reply. but I'm literely confused between your answer and other person. The other people is giving answer through net. if IT ac depreciation more than the companies act, then it will treat as liability, but as per your above reply it shown vice versa. pls clrify.
CA Sanat Pyne
(Expert)
02 August 2010
Dear Krishna,
Please check the answar carefully.
Short depreciation charged as per company act means depreciation on it is more.
that is why deffered tax liability arises.
Please check the answar carefully.
Short depreciation charged as per company act means depreciation on it is more.
that is why deffered tax liability arises.
02 August 2010
IN EXAMPLE GIVEN BY PYNE JI, DEFFERED TAX LIABIITY IS TO BE MADE.
BECAUSE YOU HAVE TO PAY LESS TAX NOW DUE TO LESS DEP AS PER IT ACT.
IN EXAMPLE GIVEN BY PYNE JI, DEFFERED TAX LIABIITY IS TO BE MADE.
BECAUSE YOU HAVE TO PAY LESS TAX NOW DUE TO LESS DEP AS PER IT ACT.
CA Sanat Pyne
(Expert)
02 August 2010
thanks Bijenderji,
21 September 2010
Sir, I would like to know what is the procedure of opening for Sole Proprietorship firm in Chandigarh. Basically, One of my client wants to open Placement Consultancy Services. Is Registration compulsory for him or not if yes pls let me know the procedure.
Hope for Positive Response.
Thanks & Regards,
Krishna Shukla
09915193973
Hope for Positive Response.
Thanks & Regards,
Krishna Shukla
09915193973
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