Deferred tax asset/liability

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Neha (Querist)
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07 March 2013 Hello Sir
My newly incorporated company is followig calender year as accounting year1.e need to close accounts by 31-12-2012.
I am not aware of how to calculate dep as per income tax purpose & for which period so that I can calculate the difference between tax & accounting dep.Only then I can calculate DTA/DTL.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 March 2013 For income tax purpose accounts has to be prepared financial year wise vide section 3 of the Income tax Act,1961.Therefore, depreciation under both the acts has to be calculated financial year wise and that can be used for the calculation of DTA/DTL as the case may be.

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