Deferred tax Asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2010 My client is having a loss of Rs.1.27/-Crores for the F.Y09-10, considering depreciation under Companies Act, 1956.Books were finalised and Audit report is also submitted.Now the company in view of virtual certainity of profits to the tune of Rs.2.85 Crores (basing on budgeted figures and appropriate evidences) in the F.Y10-11, would like to consider deffered tax asset in the books.

Pls can any one clarify me whether after finalising every thing can a company create deferred tax asset??? also would like to know the calculation of deferred tax amount, i.e., on what amount DTA is to be calculated????

Thanks & Regards

Radhika

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

17 May 2010 Revising the accounts:-

Please see clause 10 in https://www.icai.org/post.html?post_id=1140

Amount:-

Deferred tax asset may be recognized for the business loss. So also DTA/DTL may be recognized for the difference in depreciation arrived at as per IT Act,1961 and Companies Act,1956.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aniruddha Mody

Rampal Saini

Jitin Aditya Kapur

Amirthalingam

George Innocent

Subscribe Now

Deferred tax Asset

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA