Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2015 Facts:-
A company enjoying the Tax holidays period. In year six, the company had books profit of Rs. 100000 and tax loss of 50,000 being the loss in this year the company has not availed the benefit of the deduction.Further, in the year seven the company has Accounting income and tax income of rs. 1,50,000 and 50,000 respectively.The company has set off the previous loss and accordingly again not claimed the benefit of the deduction.
Query:-

What deferred tax liability/assets would be recognised in books for the both years?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 May 2015 Recognize deferred tax asset in sixth year and withdraw it in seventh year.

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