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Clarification Regarding Deferred Tax Asset/Liability

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(Querist)
20 July 2011 Pls clarify two Points regarding DTA/DTL

1. A newly formed company in its first year financial has no sale/income, then DTA/DTL will applicable.

2. If a company has net loss then DTA/DTL will applicable
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 July 2011 1. Since there is no business loss as per IT Act,1961 no need to book DTA. However,if there is depreciation allowance,to that extent DTA/DTL has to be recognized.
2. If company is 'virtually certain' that sufficient profit will arise in the coming year, DTA/DTL should be booked, otherwise no need.
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