deferred tax
This query is : Resolved
13 August 2010
Sir,
A public limited company is making loss for the last two years.The balance sheet shows accumulated loss.The query is whether the company has to show Deferred tax on accumulated loss?. If so how ?
Please advice.
A public limited company is making loss for the last two years.The balance sheet shows accumulated loss.The query is whether the company has to show Deferred tax on accumulated loss?. If so how ?
Please advice.
13 August 2010
Where an enterprise has unabsorbed depreciation or carry forward of losses under tax laws, deferred tax assets should be recognised only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.
If there is no certainity that there will be profits in future then Deferred tax asset cannot be made and should not be made.
If there is no certainity that there will be profits in future then Deferred tax asset cannot be made and should not be made.
Message likes :
1 times
13 August 2010
The nature of the evidence supporting the recognition of deferred tax assets should be disclosed, if an enterprise has unabsorbed depreciation or carry forward of losses under tax laws.
Message likes :
1 times
13 August 2010
Clause 32 of AS-22 of Companies (Accounting Standards) Rules,2006 may be referred for Sukanya Ji's observation.
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
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- Tax liability on income of freelancer
- Agriculture income or business income
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
