income tax
This query is : Resolved
27 January 2009
Please let me know the treatment of deferred tax liability in case of winding up of the company Pls reply soon its urgent
27 January 2009
AS PER MY OPINION:
SINCE THE TAX IS NOT PAYABLE IN THE FUTURE THEREFORE REVERSE THE PROVISION MADE FOR THE DEFERRED TAX. I.E. DEBIT THE DEFERRED TAX LIABILITY ACCOUNT AND CREDIT THE PROFIT AND LOSS ACCOUNT.
NOTE: I HAVE NO LEGAL BASE FOR THIS IT IS STRICTLY AS PER MY PERCEPTION.
SINCE THE TAX IS NOT PAYABLE IN THE FUTURE THEREFORE REVERSE THE PROVISION MADE FOR THE DEFERRED TAX. I.E. DEBIT THE DEFERRED TAX LIABILITY ACCOUNT AND CREDIT THE PROFIT AND LOSS ACCOUNT.
NOTE: I HAVE NO LEGAL BASE FOR THIS IT IS STRICTLY AS PER MY PERCEPTION.
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