AS 22

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Swati (Querist)
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27 June 2016 There were losses in previous year but co. did not make DTA because it was not satisfying VCCE limits . Now in current year also , there are losses .So we can not setoff earlier losses. But now VCCE satisfies. So my question is - can we make DTA for both the years in current year ? What will be the treatment in P/L ? Is there any prior period adjustment ? Please do solve my query.

Rupesh Jain

Rupesh Jain (Expert)
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27 June 2016 for that you have to show separately on the face of profit & loss a/c and also mention in notes to accounts what amount of previous years and what for the current year.

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CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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28 June 2016 If you want to give any new treatment, the same has to be given retrospectively thus calculation for two years has to be made and disclosure for the same will have to be provided in the notes to accounts. In the profit & loss show the same as prior period expenses.

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