deferred tax liability treated as deferred tax assets
This query is : Resolved
04 July 2008
In Last year balancesheet due to incorrect formula apply in excel sheet the deferred tax liability turns into deferred tax assets. the same has been audited and signed by the auditor. Can the same be rectify in this year by reversing the entry or to go with this in this year
please reply earlier.
please reply earlier.
04 July 2008
The mistake can now be rectified. The items appearing in the Balance Sheet give a State of Affairs as on date and these should be correct. So, it is advisable that the figures are revised accordingly.
04 July 2008
The effect of rectification will be there on your profit and loss account and it should be shown as prior period item.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Agriculture income or business income
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
