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Dtaa - recognition

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 On 31st march, 2017 we know that Income tax rate for FY 2017-2018 would be 25%, since our turnover is less than 50 crores. At what rate we would recognize DTA/DTL in our books on 31st March, 2017, @30% i.e. taxable rate for FY 2016-2017 or @25% since that much benefit we would derive fro DTA/DTL. Please Quote relevant provision as well.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 July 2017 @25% since that much benefit only we would derive from DTA/DTL. Refer AS 22.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 What if the new act is not enacted as on the close of FY? Would we still consider the new rate on the basis of Finance Bill?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 July 2017 Yes we should consider new rate on the basis of Finance Bill.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 Thanks a lot Sir that is indeed very helpful :)
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