Deferred tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2011
our company has deferred tax rs. 135568.75 as per balance sheet 31.03.2009 and on 31.03.2009 Block Assets was nil due to sale of assets.
so what is the effect of deferred tax assets?
Whether deferred tax will be nil of keep it same position.
Please advice us
Thanking you
Rajat Sinha
Accountant
Annar Pharmaceuticals Private Limited
so what is the effect of deferred tax assets?
Whether deferred tax will be nil of keep it same position.
Please advice us
Thanking you
Rajat Sinha
Accountant
Annar Pharmaceuticals Private Limited
26 September 2011
Difference between the WDV as per Books of accounts and WDV as per IT rules will always give rise to Timing differences, provided at least one asset is existent in the block(Value may be nil in IT rules)
The effective tax rate applied on the difference will be the DTL
Eg
WDV as per Books 2 lakhs
WDV as per IT rules 0
DTL would be 30.9% on 2 lakhs i.e 61800/-
The effective tax rate applied on the difference will be the DTL
Eg
WDV as per Books 2 lakhs
WDV as per IT rules 0
DTL would be 30.9% on 2 lakhs i.e 61800/-
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