Deffered Tax Assets
This query is : Resolved
18 September 2008
A Pvt. Ltd. Co. has a Deffered Tax Assets of Rs. 61000.
The cuurent Tax Liability computation is as under :
Profit as per Book 3000/-
Depreciation as per Co. Law + 116000/-
Total 119000/-
Less : Dep. as per Income Tax - 86000/-
Income 33000/-
Tax Payable 10120/-
Can we save the current Tax Liability of Rs. 10120/- by creating Deffered Tax Liability and set off it from deffered tax assets of Rs.61000/- and deposit the MAT.
Please Advice.
The cuurent Tax Liability computation is as under :
Profit as per Book 3000/-
Depreciation as per Co. Law + 116000/-
Total 119000/-
Less : Dep. as per Income Tax - 86000/-
Income 33000/-
Tax Payable 10120/-
Can we save the current Tax Liability of Rs. 10120/- by creating Deffered Tax Liability and set off it from deffered tax assets of Rs.61000/- and deposit the MAT.
Please Advice.
21 June 2023
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