Deferred tax
This query is : Resolved
26 September 2012
Ours is a pvt ltd company with business loss (before Depreciation) of Rs 4,66,09,125 and depreciation of Rs 4,97,33,247 as per IT Act n Rs 4,69,21,677 as per Companies Act for the year 2011-12 being first year of business.
pl guide me to calculate deferred tax in this case n also case of DTA or DTL pl specify
pl guide me to calculate deferred tax in this case n also case of DTA or DTL pl specify
26 September 2012
1) Timing difference on account of depreciation is Rs. 28,11,570/-
2) DTL @ 30.90% on the above , Rs. 8,68,775/-
3) DTA on business loss can be recognized if there is virtual certainty that income will generate in the ensuing year.
2) DTL @ 30.90% on the above , Rs. 8,68,775/-
3) DTA on business loss can be recognized if there is virtual certainty that income will generate in the ensuing year.
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26 September 2012
Dep as per IT act -46921677
Dep as per Co act - 49733247
Timing Diff - 2811570
DTA (since dep is less in IT act) 2811570*30.9% - 868775
Dep as per Co act - 49733247
Timing Diff - 2811570
DTA (since dep is less in IT act) 2811570*30.9% - 868775
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26 September 2012
BUT SIR PL CONFIRM ME IS IT A CASE OF DTA OR DTL?
26 September 2012
Depreciation as per IT being more, recognize DTL.
26 September 2012
Sorry DTL will be created since dep as per IT is more
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