Deferred tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Please explain the concept& treatment of deferred tax in the books of accounts both in case of profit & loss
Please explain the concept& treatment of deferred tax in the books of accounts both in case of profit & loss
17 April 2012
In the case of co. deffered tax is create on the timing difference of assets depreciation. because as per co. act dep rate are applicable on days basic but in income tax dep. applicable upto 6 month / more than six month basic.
so in both case dep. rate change.
so for this deffred tax is create on diffrence in the value of assets as per income tax and companies act as on 31 march.
on diffrence amount we charged tax rate on calculate the deffred tax amount.
so for this you also read AS-22.
or flow this link
https://www.caclubindia.com/share_files/files_download.asp?files_id=33344
so in both case dep. rate change.
so for this deffred tax is create on diffrence in the value of assets as per income tax and companies act as on 31 march.
on diffrence amount we charged tax rate on calculate the deffred tax amount.
so for this you also read AS-22.
or flow this link
https://www.caclubindia.com/share_files/files_download.asp?files_id=33344
17 April 2012
agree with expert.
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