Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 Please tell me.
1.What is Deffered Tax :

Suppose our company position as as on 31.03.2011
Net Profit - 2000000/-
Depreciation (as per co. act) 360000/-
Depreciation (as per it act) 376000/-
(this is new company not previous year)
Fixed assets gross block 4300000/- (as per it act)
Fixed assets gross block 4316000/- (as per co. act)
Then which amount we have to debited in P&L account and which amount show in balance sheet liability or assets..
Please reply me soon

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
Follow

18 November 2011 first find Timing Diffrence as per AS-22

T.Diff=376000-360000=16000

Deffered tax liability=16000*30.90%=Rs.4944

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 ok means we have to debited P&L A/c by Rs. 16000/- and liability 4944/- if acording to comany act it more than it act thant what will happen.it will credit in P&L A/c.
and if we have deffered tax Liability 16000/- in previous than what procedure of accounts entry ////

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok