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(Querist)
11 October 2012 deferred tax asset created in AY 2011-12 instead of deferred tax liability. how to rectify the abouve entry in AY 2012-13.
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Vivek Hebbar

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Vivek Hebbar (Expert)
11 October 2012 In AY 12-13, pass two separate entries. One for reversing the worng entry (amount has to be double since the effect is double 1 for reversal and 1 for creation of DTL). This has to be shown as prior period item in the P & L separately.

Pass second entry for current year's DTA / DTL to be shown normally under provision for tax.
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