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Applicability of Differed Tax in case of Loss

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(Querist)
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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 October 2020 Yes, create deferred tax asset.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 October 2020 But the company should be "VIRTUALLY CERTAIN" that sufficient profit will generate in the ensuing year.
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