Deferred tax
This query is : Resolved
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.
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.
Message likes :
1 times
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
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Loss of interest in PF transfer from EPFO to Trust
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
