Deferred tax
This query is : Resolved
22 August 2016
The assessee is a company and is into business and has rented a property. The depreciation on property rented was charged in books of accounts but was disallowed under Income Tax Act while filing return of Income by the assessee himself as well as auditor in Tax audit.. While calculating deferred tax should difference between depreciation as per Companies Act and Income Tax Act still be considered ?
22 August 2016
As depreciation is not allowed under income tax, the difference can't be considered under deferred tax.
22 August 2016
No need to consider,because depreciation disallowed is a 'permanent difference'.
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