Depreciation/ deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2015 As per transitional provisions of new depreciation rates, Assets completed useful life are recognised in Retained earnings subject to residual value. but as per AS 22, it should be net of tax effect. So, what should be accounting entries for that. E.g. Amount of assets to be recognised in retained earning is Rs.100, so what should be entry for tax effect? or it should be entered net of tax effect?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 September 2015 Pass entry also for deferred tax effect adjusting retained earnings and deferred tax liability.

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