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Creation of dta

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(Querist)
12 September 2012 Suppose there is a carry forward loss of Rs. 3,00,000 on which DTA has not been created in earlier years.

Now in the current year loss of Rs. 1,00,000 is set off against the profit earned & company want to create DTA on the remaining loss of Rs. 2,00,000.

Whether it can create the DTA, and if yes, how it will created & treated in the books of account?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
12 September 2012 Yes you can create if there is virtual certainity that loss will be set off in future years.
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
12 September 2012 Yes, For Full Detail Read With AS 22 Issued by Our ICAI
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CA Prabhat Kumar Makhija

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CA Prabhat Kumar Makhija (Querist)
17 September 2012 but whether it will be created from current P/L a/c or from General Reserve?
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
17 September 2012 Current PL Account.
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