Differed tax query
This query is : Resolved
Ushanjali.Kotyala
(Querist)
11 July 2013
Can u please tell me diferrence between TIMING DIFFERENCE and PERMENANT DIFFERENCE with a detailed example
CMA Ramesh Krishnan
(Expert)
11 July 2013
Timing difference is the difference can be adjusted in next financial year like Depreciation difference due to rates under companies act and Income tax acts are different. this amount may be differ in a particular year, how ever can be recovered in future
Permanent difference: The difference cannot be adjusted in the further financial year. like disallowance u/s.40A(3) payment by cash more than Rs.20000/- will be disallowed permanently in Income tax.
Permanent difference: The difference cannot be adjusted in the further financial year. like disallowance u/s.40A(3) payment by cash more than Rs.20000/- will be disallowed permanently in Income tax.
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Ushanjali.Kotyala
(Querist)
12 July 2013
Thank u sir
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