Brs
Querist : Anonymous
Querist : Anonymous
sir pls tell me
if we issue cheque of ₹10000 on 30-03-2014 and cheque cleared on 10-04-2014 then our balance of bank account in our closing balance sheet as on 31-03-2014 will be less of ₹10000 or not
And we consider this cheque is for the mth of April Or March.
Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
pls tell me if we take TDS in current A/c then its adjt. will be done via capital a/c if yes then pls tell me how if not then also tell me how sir
Querist : Anonymous
I am saying if I am making individual return and taking my deducted TDS in current assets A/c then how I have do its other adjt. in my return whether I have to take Previous year TDS in Capital A/c as in TDS write off A/c in current year return.
For Example say TDS deducted from you is Rs 10000/- and you Ta Liability comes to Rs 5000/- the amount of refund will be Rs 5000/-. So in the given case entry will be--
I.T. Refund for AY 2013-14 A/c Dr Rs 5000
Capital A/c Dr Rs 5000/-
To TDS Receivable A/c Rs 10000/-
Querist : Anonymous
but please will u give me another example with more clear fact.
sir pls also tell me about 'DTA -direct tax assets' treatment in Finanacial statement
Situations which leads to Deferred Tax:
Deferred tax is the tax effect due to timing difference. They arise due to the following reasons (situations):
1. Accounting Income less than Tax Income.
2. Accounting Income more than Tax Income.
3. Income as per Accounts but loss as per Income Tax Act.
4. Loss as per Accounts but income as per Income Tax Act.
The impact of such timing differences may lead to:
1. a. Deferred Tax Liability (DTL): Deferred Tax Liability (DTL) is postponement of tax liability, which states, “Save Now, Pay Later”.
Journal Entry
Profit and Loss A/c………Dr.
To Deferred Tax Liability A/c
1. b. Deferred Tax Asset (DTA): Deferred Tax Asset (DTA) is pay you tax liability in advance, which states, “Pay Now, Save Later”.
Journal Entry
Deferred Tax Asset A/c…….Dr.
To Profit and Loss A/c
In the year of reversing time difference, either Deferred Tax Liability (DTL) is written back to Profit and Loss Account or the Deferred Tax Asset (DTA) is revised by debiting Profit and Loss Account. For the recognition of Deferred Tax Asset (DTA), prudence should be applied. Such recognition is based on “reasonable certainty” that sufficient taxable income would be available in the future to realize the Deferred Tax Asset (DTA). In case of unabsorbed depreciation and carry forward losses, Deferred Tax Asset (DTA) should only be recognized to the extent that there is “virtual certainty” that in future sufficient taxable income would be available to realize the Deferred Tax Asset (DTA). Reasonable certainty shall be deemed to be in existence if the profitability of future taxable income is greater than 50%. Virtual certainty shall be deemed to be in existence only when the evidence suggests that there will be sufficient taxable income in the future.
Querist : Anonymous
but please will u give another example more clear fact.
sir pls also tell me about DTA -direct tax assets treatment in Finanacial statement
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