Balance sheet approach of calculating deferred tax asset/ lb
This query is : Resolved
08 September 2016
Can somebody give an easy example of balance sheet approach of calculating deferred tax asset/ liability ?
For example,
WDV as per BOOKS : 1085291.09
WDV as per Income Tax Act : 655305
which amount will appear where in balance sheet? why is there difference when we calculate Deferred tax asset/liability by comparing depreciation as per books and depreciation as per Income Tax Act?
For example,
WDV as per BOOKS : 1085291.09
WDV as per Income Tax Act : 655305
which amount will appear where in balance sheet? why is there difference when we calculate Deferred tax asset/liability by comparing depreciation as per books and depreciation as per Income Tax Act?
08 September 2016
You need to read and understand AS-22 for the concept of deferred tax. In the given example, you need to apply the current corporate tax rate on the difference of the two figures. The resultant amount will be Deferred Tax Liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
