Clarification Regarding Deferred Tax Asset/Liability
This query is : Resolved
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
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
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.
2. If company is 'virtually certain' that sufficient profit will arise in the coming year, DTA/DTL should be booked, otherwise no need.
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Procedure for claiming exemption in Article Ship for CA Course
- Salary and pension received from Asian Development Bank
- RNOR Status but Investments more than Income
- What is provisional receipt number for generation of form 16A
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- 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
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
