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)
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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.

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