deferred tax liability treated as deferred tax assets

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CA PAWAN SETHI (Querist)
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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.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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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.

Amit Bajaj

Amit Bajaj (Expert)
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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.

Jitender

Jitender (Expert)
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17 August 2008 & mention the fact in notes to accounts.

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