Deferred tax
This query is : Resolved
sameer hule
(Querist)
18 August 2014
Dear Experts,
As per Company Account Deferred tax shown of Rs.9543/-Dr( assets) ( opening Balance as on 01.04.2013)
but, WDV as per Company Act : 5,34,456/-(31/03/2014)
WDV as per income Tax : 8,17,199/- (31/03/2014)
There for Deferred Tax Liability of Rs.87,367.59/- can I make the entry as on 31.03.2014 to shown the Deferred Tax Liability of Rs. 87,367.59/- By passing following entry :
Profit and Loss a/c 96910.59
To Deferred Tax a/c 96910.59
It is correct.
Whether any problem is raised as per income tax.
As per Company Account Deferred tax shown of Rs.9543/-Dr( assets) ( opening Balance as on 01.04.2013)
but, WDV as per Company Act : 5,34,456/-(31/03/2014)
WDV as per income Tax : 8,17,199/- (31/03/2014)
There for Deferred Tax Liability of Rs.87,367.59/- can I make the entry as on 31.03.2014 to shown the Deferred Tax Liability of Rs. 87,367.59/- By passing following entry :
Profit and Loss a/c 96910.59
To Deferred Tax a/c 96910.59
It is correct.
Whether any problem is raised as per income tax.
CA R SEETHARAMAN
(Expert)
18 August 2014
Deferred tax is outside purview of income tax. It is provided as per the requirement of Accounting standards.
The entry P&l is below the line. Don't club the entry for OB. Propose it only for the current year as there is no adjustment during the year. The calculation is wright.
The entry P&l is below the line. Don't club the entry for OB. Propose it only for the current year as there is no adjustment during the year. The calculation is wright.
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