Deffered tax
This query is : Resolved
08 September 2012
Dear All,
I am confused about DTL. The fact is as under:
Last Year DTL : 1,48,781/-
Current Year Depcn. (As per Books) : 18,23,784/-
Depcn. as per I.tax Act : 16,03,556/-
What amount will be as DTL in B/sheet( 68,051/- or ??)?
What amount will be debited or Credited in P/L. Account as DTL/DTA?
Please advise with calculation?
Regards,
Dulal
I am confused about DTL. The fact is as under:
Last Year DTL : 1,48,781/-
Current Year Depcn. (As per Books) : 18,23,784/-
Depcn. as per I.tax Act : 16,03,556/-
What amount will be as DTL in B/sheet( 68,051/- or ??)?
What amount will be debited or Credited in P/L. Account as DTL/DTA?
Please advise with calculation?
Regards,
Dulal
08 September 2012
Timing diff (1823784-1603556)=220228
Deferred tax asset 30% = 66068
Last year DTL = 148781
net dtl = 82713 to be shown in non current liabilities
currnt year dta of 66068 should be credited to profit and loss account.
Deferred tax asset 30% = 66068
Last year DTL = 148781
net dtl = 82713 to be shown in non current liabilities
currnt year dta of 66068 should be credited to profit and loss account.
08 September 2012
Dear All,
With ref. Mr. Ilayaraja, CA's reply, he has not considered cess @ 3%. I think it will be @ 30.9%.
According to his calculation it will be:
Net DTL = 80730 to be shown in Non Current Liab.
Current Yr. DTA of Rs. 68051 should be credited to P/L. Account.
please provide the required journal entries regarding the matter as soon as possible.
Regards,
Dulal
With ref. Mr. Ilayaraja, CA's reply, he has not considered cess @ 3%. I think it will be @ 30.9%.
According to his calculation it will be:
Net DTL = 80730 to be shown in Non Current Liab.
Current Yr. DTA of Rs. 68051 should be credited to P/L. Account.
please provide the required journal entries regarding the matter as soon as possible.
Regards,
Dulal
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