Deferred tax liabliity
This query is : Resolved
manoj mahimkar
(Querist)
03 June 2009
a company has brought forward losses Rs. 675156/- ( dept loss Rs. 128970/- and business loss rs. 546186/-)as on assesment year 2008-09. further during the assessment year 1009-2010, the said company has earned Rs. 1235667/- profit before writing off the above losses. All the losses are set off during the assessment year 2009-10. How the above figures would be reflected in computing DTA/L. There are no further adjustment except above.
chetan soni
(Expert)
03 June 2009
You need to provide for DTL in the books for both brought forward losses Rs. 675156/- ( dept loss Rs. 128970/- and business loss rs. 546186/-). As the same is adjustable in next year. In the next year do check for provision assesesment.
Total amount of DTL will be 30.09% of Rs. 675156/- i.e Rs. 208623.00
Total amount of DTL will be 30.09% of Rs. 675156/- i.e Rs. 208623.00
04 June 2009
Here DTA arises but not DTL. So DTA has to be created in 2008-09 and reverse it in 2009-10.
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