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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
