Applicability of Differed Tax in case of Loss
This query is : Resolved
Quick Summary
12 October 2020
The company incurred a loss in FY 19-20 Rs 10 Lakhs. This was the first year of operation for the company. The book loss as well Income tax loss is same.
Whether the Differed Tax Asset has to be created for FY 19-20 in the books?
Whether the Differed Tax Asset has to be created for FY 19-20 in the books?
12 October 2020
Yes, create deferred tax asset.
12 October 2020
But the company should be "VIRTUALLY CERTAIN" that sufficient profit will generate in the ensuing year.
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