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Income tax

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(Querist)
21 February 2013 Why Should a company calculate Deferred Tax Liability/Asset and show it in balance sheet?
what will be the result if the company fails to do so?
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harleen batra

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harleen batra (Expert)
21 February 2013 Co. is required to comply with the companies Act, And as per companies act, to present true and fair view of the profits of the company it should comply with Accouting Standards. AS-22 is one of them.
Directors are auditors will be liable for the consequences.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
21 February 2013 AS-22 "Accounting for Taxes on Income" is mandatory. and it is its requirements
if it is not followed. then it will be published in audit report. because auditor report about following AS
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