Hi!

plz explain by example to deferred tax liability or assets.

thanks
Mohit

Please explain that What does the meaning of FOB Price / CIF Price etc?

How to value Preference shares as per IFRS

while making provision for income tax, brought forward losses will be considered or not.

in service tax returns i have posted a wrong amount of commission from C & F.A.amt. rs. 282000 instead of 241728 & tax is also adjusted accordingly in returns & i dont want to revise my returns so pls tell wt accounting adjustment i can make in enteries so that it shows fair treatment can i show a dummy entry in this regard to tally my books amount with returns ?

The following informaion is given:

Income from continuing operations before extra-ordinary items and tax: Rs. 13 Lacs

Tax Rate @ 30%

Extraordinary loss ( Net of tax) Rs. 3 Lacs

My query is whether Rs.3 Lacs extraordinary loss has to be deducted from Rs.13 Lacs and tax has to be calculated on the remaining Rs. 10 Lacs? Kindly advice.

A Co. is basically an investment company. It's nature of business is to acquire, hold shares and trade in mutual funds. The sole income is dividend. While computing tax, the entire income is taken to income from other sources and is exempt u/s 10(34). So though there is huge book profits (dividend income), for tax computation the Profits and gains from business or profession is a LOSS. This happens year after year. Is it right to create deferred tax on the brought forward business losses?

How about creating deferred tax asset / liability on depreciation. i.e. timing difference b/w book depreciation and tax depreciation.. And moreover how the above mentioned company get a chance to show profits as per tax computation? Because only if it changes it's nature of business from investment to trading co. then will the dividend income be treated as PGBP. It is quite obvious that there is no question of creation of deferred tax asset/liability to this investment company as per AS-22. Am i right?

Dear Sir,

I am using Tally9 Multi user accounting package, When preparing accounting reports from Trial Balance, I tried to design a excel sheet that will fetch data from text file generated from tally9 in text format having

Head of account Dr amount Cr Amount

I am using powertools addin to remove n leading character to remove (-) symbol infront of debit balances.

When other users create a ledger accounts at their own, I can't resist them to create that but my excel template created by fails to show whether that head of account is matches with correct ledger account with respective ledger amount. Whenever I use Tools -> Get External data will update the accounting reports, shows some error.

I came to know that lookup, match will be helpful but I dont know how to use it

Kindly help me


Kannan.N

Dear experts,
example we have a machinery a cost of rs. 10lacs had lossed in fire and this machinery was insured.
what entry we will provide in profit & loss a/c once for loss in fire and one when we will be receiving a claim from insurance company

There are two co's A and B. A purchase shares in B but the shares are not alloted by 31st March.

Whats the accounting treatment in both the co's as for A its can't be treated as investment as shares are not alloted and for B its no share issued.

How the presentation be made in both the B/S.