Deferred tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 November 2012
deferred tax liability not provided for earlier years,
this time the def. tax liability is showing 50 lakhs, out of which 5 lakhs belongs to current year and 45 lakhs belongs to earlier years , what are the entries to be passed, urgent
this time the def. tax liability is showing 50 lakhs, out of which 5 lakhs belongs to current year and 45 lakhs belongs to earlier years , what are the entries to be passed, urgent
Naveen Joshi
(Expert)
10 November 2012
You can post a journal entry in the current financial year for the DTL of Rs.45 Lac as a prior period item. However, the impact of the same on the financial statements of the company should be disclosed seperately.
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