Deferred tax
This query is : Resolved
Arun Kumar. G
(Querist)
27 November 2012
Dear Experts,
We have provisioned Rs.25 lakhs as Deferred Tax liablity for the year ended Mar 12.
I need a clarification on the below,
1. Is deferred Tax liablity will considered as current liablity.
2. Wheather Deferred Tax charged in P & L is payable or it can be adjusted against future profits
Thanks in Advance.
We have provisioned Rs.25 lakhs as Deferred Tax liablity for the year ended Mar 12.
I need a clarification on the below,
1. Is deferred Tax liablity will considered as current liablity.
2. Wheather Deferred Tax charged in P & L is payable or it can be adjusted against future profits
Thanks in Advance.
CA CS Amit S. Kedia
(Expert)
27 November 2012
1.Guidance Note on the Revised Schedule VI requires deferred tax assets / liabilities
to be classified as non-current.
2.Deferred tax charged to pnl is not payable in the current year but is deferred for future years' tax payment.
to be classified as non-current.
2.Deferred tax charged to pnl is not payable in the current year but is deferred for future years' tax payment.
CA CS Amit S. Kedia
(Expert)
27 November 2012
Deferred tax liabilities (net of the deferred tax assets, if any, in
accordance with paragraph 29 of AS-22) is disclosed on the face of the balance sheet separately under the head ‘Non-current Liabilities’ after the subhead ‘Long-term borrowings'.
accordance with paragraph 29 of AS-22) is disclosed on the face of the balance sheet separately under the head ‘Non-current Liabilities’ after the subhead ‘Long-term borrowings'.
Arun Kumar. G
(Querist)
27 November 2012
Thank you Experts
Message likes :
1 times
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
