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Deferred tax

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(Querist)
25 November 2008 Sir,
AS 22 says that "Assets and liabilities to be netted off only when the enterprise has a legally enforceable right to set off and intends to settle on net basis." most of the companies have shown it as net.
so it is legal in India? does company law say so? thanks
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Jitender

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Jitender (Expert)
25 November 2008 it is to be seen as per respective tax laws and not as per company law to set off.
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Richa

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Richa (Querist)
26 November 2008 so does income tax,1961 allow it?
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Taranjit Singh

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Taranjit Singh (Expert)
07 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.
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Taranjit Singh

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Taranjit Singh (Expert)
07 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.
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