Deferred tax
Querist : Anonymous
this is the first accounting year for a pvt ltd company. depreciation as per books is Rs. 200000 and as per IT act is Rs. 300000. then will it create DTA or DTL. please guide its very urgent as the last date of filing ITR is very near. my colleague suggested tht it will be deferred atax liability on rs. 100000 (diff due to different depreciation) is this correct
DTL ON RS. 100000 DUE TO DEPRECIATION
DTL ON RS. 100000 DUE TO LOSES
You are right, Deferred Tax Assets should be creat on Rs. 200000/- with use of income tax rate.
DEFERRED TAX ASSETS TO BE CALCULATED ON Rs. 200000.
DTA ON Rs. 100000 DUE TO DEPRECIATION
DTA ON Rs. 100000 DUE TO LOSES
Querist : Anonymous
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