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Deferred tax

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Querist : Anonymous

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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
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prateek aanchalia

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prateek aanchalia (Expert)
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
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
17 April 2012 agree with expert.
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