Dtl/dta
This query is : Resolved
CA. Mala Rohara
(Querist)
24 July 2012
31/03/2012:
Op.stock of Finished Goods: 25,76,287/-
Excise Duty thereon:2,65,358/-
Clo. of Finished Goods: 1,25,56,335/-
Excise Duty thereon:15,51,963/-
Hence Provision for unpaid excise duty is made for Rs. 12,86,605/- ( 15,51,963 - 2,65,358).
Plz advise what will be its impact on DTL/DTA.
Op.stock of Finished Goods: 25,76,287/-
Excise Duty thereon:2,65,358/-
Clo. of Finished Goods: 1,25,56,335/-
Excise Duty thereon:15,51,963/-
Hence Provision for unpaid excise duty is made for Rs. 12,86,605/- ( 15,51,963 - 2,65,358).
Plz advise what will be its impact on DTL/DTA.
24 July 2012
Deferred tax will originate only if there is difference between financial book value of inventory and Tax book value of inventory.
AS 2 is equally applicable for Tax purposes and hence it would be deferred tax neutral adjustment.
AS 2 is equally applicable for Tax purposes and hence it would be deferred tax neutral adjustment.
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