defered tax liability
This query is : Resolved
12 June 2009
HELLO, CAN ANY ONE TELL ME ABOUT DEFERED TAX LIABILITY/ASSETS. WHAT IS THE AMOUNT DETERMINE OF DIFERED TAX LIABILITY/ASSETS WHEN AMOUNT OF DEPRECIATION AS PER INCOME TAX ACT RS. 450 & DEPRECIATION AS PER COMPANY ACT RS. 550
THANKS IN ADVANCE
THANKS IN ADVANCE
12 June 2009
When dep. as per companies act is higher than the depreciation as per income tax act then deferred tax assets arises.
for eg.
Dep. as per companies act 550
(-) dep as per income tax 450
-----
100
-----
Then deferred tax asset will be 33.99 @ 33.99% on 100
for eg.
Dep. as per companies act 550
(-) dep as per income tax 450
-----
100
-----
Then deferred tax asset will be 33.99 @ 33.99% on 100
12 June 2009
For more reference refer AS - 22 on accounting for taxes on income. Deferred Tax assest will be created @ 33.99% or 30.9% as applicable on Rs. 100/- as stated by Chetan
13 June 2009
A Deferred Tax Asset of Rs 33.99 or 30.9 (With or without surcharge, as applicable) may be created on Timing Difference of Rs. 100 on account of Depreciation Difference.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Building tax payment deduction in rental Income
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
