Hello everyone,
following details are available as on 31.03.23

Cl wdv as per books : 100 cr
cl wdv as per IT acr : 92 cr

applicable tax rate : 25%. Assuming no other timing diff other than depreciation

i am stuck in computation of closing deferred tax asset/liablity

my understanding is since co has claimed higher depreciation and paid less tax going forward tax liability is going to be higher so direct tax liablity shall be created

closing value of DTL = 8 cr * 25% =2 cr

2cr should appear in balance sheet after adjusting opening balance

is my understanding correct ??

Form 10B not yet released

If any statutory body instructed bank to create a lien for any transaction and the same was not removed in the date of signing of audited financial what will be the discloser note . Should we considered as temporarily impairment to the extent of lien amount or to disclose as temporarily restricted to the extent of lien amount.

Sir,

Sir I have one used motor vehicle, which I wanted to sale. But due to the non availability of prospective buyer, I was supposed to sell the same as scrap sale. Then I want to the know the documentation required in respect of the same in case of scrap sale. Whether it require any sale agreement etc.

MR. A HAS SOLD A RESIDENTIAL PROPERTY IN F.Y. 2022-23 WHICH WAS RECEIVED BY HIM AS A GIFT IN F.Y. 2021-22. HOWEVER, MR. X WHO GIFTED THE PROPERTY TO MR. A ALSO RECEIVED THAT PROPERTY VIA GIFT IN F.Y. 2021-22.

NOTE: THE GIFT TRANSACTIONS DISCUSSED ABOVE ARE BETWEEN BLOOD RELATIVES.

QUESTIONS:
1) WHAT WILL BE COST OF ACQUISITION FOR ARRIVING AT THE CAPITAL GAINS FOR MR. A GIVEN THE FACT THAT THE PREVIOUS OWNER (MR. X) ALSO RECEIVED THAT PROPERTY AS A GIFT?
2) WHAT WILL BE THE PERIOD OF HOLDING TO BE CONSIDERED FOR CAPITAL GAINS CALCULATION IN CASE OF MR. A?

Can I get the tutorial to understand and prepare the Ind AS accounts in Excel by linking from Trial Balance to Balance Sheet, P&L, Notes to Account to all the schedules, Cash Flow, SOCE, Depreciation, Stock Valuation, MTM of Investment, Deferred Tax and Income Tax Computation for a Tea Manufacturing Company which is an Agricultural sector company.

Say, I have bought an asset for Rs. 12 Lakhs on 1 December 2022. The expected useful life of asset is 1 year. Where the asset is shown in balance sheet on 31 March 2023?

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My daughter's current status is NRI and she is having an NRO account in India. Can I being his father deposit say Rs 2 lacs in her NRO account as a gift. Are there any tax implications on both of us from point of view of the status of giver being RI and beneficiary being NRI? Do I have to do any documentation for this?

Sir.
Can get LUT for human recuitment export service. Fund will get from Dubai.job interview and visa process is down in India.
Let's me know last date for submitting LUT for finance year 23-24.
Please advise.