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Deferred tax recognition.

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(Querist)
26 July 2012 If in the initial year of company we did not recognize DTA (Business loss and Unabsorbed Depriciation), in FY 11-12 the company has earned profit; now what should be done?
AS per IT ACT there is NIL profit because set off and as per MAT there is some profit.
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
27 July 2012 Had you created deferred tax asset, it would have reversed in FY 11-12 as a debit in Tax expense.

Since there was no asset, there will be no reversal and to that extent the efective tax rate for FY 11-12 will be lower.

You may create deferred tax for the balance unused c/f losses and further reduce the effective tax rate.
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Akhilesh Chokhani

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Akhilesh Chokhani (Querist)
28 July 2012 thank you Sir.
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