Defferd tax
This query is : Resolved
28 August 2011
It is the first year of pvt ltd co.
Dep as per co act is Rs.16000 and as per I.tax is Rs.22000
kindly tell the accounting entries to be entered in the final balance sheet.
Dep as per co act is Rs.16000 and as per I.tax is Rs.22000
kindly tell the accounting entries to be entered in the final balance sheet.
28 August 2011
Timing difference on account of depreciation is Rs. 6,000/-.
Since IT depreciation is more,it leads to DTL.
Amount of DTL is ,30.90% on timing difference, Rs.1,854/-
Journal entry is :-
Deferred tax a/c Dr Rs.1,854/-
To deferred tax liability Rs.1,854/-
(Being DTL on a/c of timing difference on depreciation accounted)
N.B:- the former may be considered in p &l and the later to the b/s.
Since IT depreciation is more,it leads to DTL.
Amount of DTL is ,30.90% on timing difference, Rs.1,854/-
Journal entry is :-
Deferred tax a/c Dr Rs.1,854/-
To deferred tax liability Rs.1,854/-
(Being DTL on a/c of timing difference on depreciation accounted)
N.B:- the former may be considered in p &l and the later to the b/s.
29 August 2011
and if the book profit is rs. 200000 what should be the prov for tax.
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