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Deferred tax

This query is : Resolved 
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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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ramesh vadnala

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ramesh vadnala (Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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%
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