Defferd tax liability & assets in loss making business
This query is : Resolved
06 October 2014
A company is having loss as per its financial statements. There is a Deferred Tax Liability of 12000 arising due to difference in depreciation rates as per Companies Act & Income Tax Act. Also there is unabsorbed depreciation to the extent of 30000 , but in the companies case there is no enough virtual certainty of adequate future taxable income. My Question is in regard to the deferred Liability , in regard to which can we adjust the unabsorbed depreciation as a deferred tax asset in the current year ?. Or will we have to show the entire depreciation difference as deferred tax liability ?
06 October 2014
If you have deferred tax liabiity then record if you have deferred tax asset then it is not feasible to record it so avoid it.
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
