Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2013
Hi Sir,

I dont know its appropriate or not to put this question here ,Just wanted to know whether following deferred tax effects:

Calculation of Deferred Tax Liabilities As Per Accounting Standard -22 AY 2012-13

WDV. as on 31.03.12 As per Companies Act 141,939,241
WDV. as on 31.03.12 As per Income Tax Act 103,574,266
Difference of Depreciation (38,364,975)

INCOME TAX @ 30% (11,509,493)
Surcharge (575,475)
(12,084,967)
Add: Education Cess @ 3% (362,549)
Deferred Tax Asset as on 31.03.2012 (12,447,516)

Net Deferred Tax Assets As on 31.03.2011 453,314
Net Deferred Tax Asset As on 31.03.2012 (12,447,516)
Deffered Tax 11,994,202

Calculation of Deferred Tax Liabilities As Per Accounting Standard - 22 AY 2013-14

WDV. as on 31.03.13 As per Companies Act 132,067,349
WDV. as on 31.03.13 As per Income Tax Act 93,651,048
Difference of Depreciation (38,416,301)

Income Tax @ 30% (11,524,890)
Surcharge (576,245)
(12,101,135)
Add: Education Cess @ 3% (363,034)
Deferred Tax Asset as on 31.03.2012 (12,464,169)

Net Deferred Tax Assets As on 31.03.2012 12,447,516
Net Deferred Tax Assets As on 31.03.2013 (12,464,169)
Deffered Tax 16,653

Please help and advise.

Best regards

MS