Deferred tax
This query is : Resolved
03 June 2013
our company 1st FY 31.03.13 incurred losses of Rs.7 crores including depreciation of Rs.2 crores as per companies act and depreciation as per IT act of Rs.5 crores.
Please advise is it require to calculate deferred tax if require how to calculate
Thanking you
Please advise is it require to calculate deferred tax if require how to calculate
Thanking you
03 June 2013
i) DTL on depreciation difference should be booked.
ii) DTA on business loss need to be booked only if there is 'virtual certainty' that sufficient profit will emerge in the coming year.
ii) DTA on business loss need to be booked only if there is 'virtual certainty' that sufficient profit will emerge in the coming year.
03 June 2013
Sir,
below calculations are correct
DTL = (5-2)Crores*32.13% = 0.96 crores
DTA = (7-2)Cores * 32.13% = 1.61 crores
Thanking you
below calculations are correct
DTL = (5-2)Crores*32.13% = 0.96 crores
DTA = (7-2)Cores * 32.13% = 1.61 crores
Thanking you
03 June 2013
Tax rate is as follows:-
a) Income tax -- 30.00%
b) Surcharge @5% of (a) -- 1.50%
c) Edu.Cess @ 2% of [a+b] -- 0.63%
d) Sec.& Hig. Edu. cess @1%
of [a+b] -- 0.32%
-----
Total -- 32.45%
=====
a) Income tax -- 30.00%
b) Surcharge @5% of (a) -- 1.50%
c) Edu.Cess @ 2% of [a+b] -- 0.63%
d) Sec.& Hig. Edu. cess @1%
of [a+b] -- 0.32%
-----
Total -- 32.45%
=====
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