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Defrd. Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 December 2010 D.T.A. Rs. 1,50,000/- at the begining of the year. If Depcn as per co. Act for Rs. 8,00,000/- & Depcn. as per I.Tax act for Rs. 13,50,000/- at the end of the year.Pls. guide me what will be the accounting entries(Amount in PL A/c. as D.T.A or D.T.L and in the BS D.T.A/D.T.L)?

Regards,
Dulal
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 December 2010 Depreciation as per IT Act Rs. 13,50,000/-
Less; Depreciation as per Co's Act Rs. 8,00,000/-
Timing difference Rs. 5,50,000/-
DTL @ 30.90% on Rs. 5,50,000/- = Rs. 1,68,950/-

Entry:-
1) Deferred tax Dr 1,68,950/- (debit p &l a/c)
To DTL 1,68,950/-
(Being DTL for the year provided)
2) DTL Dr 1,50,000/-
To DTA 1,50,000/-
(Being opening balance in DTA a/c transferrred to DTL a/c to arrive the net balance)

Therefore, the balance Rs. 38,950/- may be shown in balance sheet as DTL.
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