deferred tax
This query is : Resolved
23 December 2009
Permanent diffrence in not taken while calculating defererd tax(As-22) so how to so its effect. eg. Donation as per 80G 50% allowed, so in computation 50% is considered it mean there if diff. in computation as per Accouts income & taxable income. so how to show this effect in p & l or bal sheet
23 December 2009
In the present situation; since you paid tax more because only 50% is allowable.
But this difference will not be able to set off in future because rest 50% will never be given credit.
So you cannot treat it as Deferred Tax Asset.
Of course; if there is any deferred tax liability; then you have to provide in the books.
But this difference will not be able to set off in future because rest 50% will never be given credit.
So you cannot treat it as Deferred Tax Asset.
Of course; if there is any deferred tax liability; then you have to provide in the books.
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