Deferred tax
This query is : Resolved
ramesh vadnala
(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
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.
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
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%
=====
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Rectification under processing even after 6 months cpc portal
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Gift to nri relatives resides in usa
- Applicability of tax on invoice
- Import of Capital Machine
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
