Opening Deferred tax Liability: 1,99,053
Current year loss as per Co Act: 13320000
Current year loss as per IT Act: 13800000
Current Year DTL (difference in carrying amount of Asset*tax rate) is 580000
Whether to recognise DTA for the loss in assumption of future taxable profits?
Deferred Tax Asset shall be created on the amount of loss as per income tax and it will be adjusted against opening Deferred Tax Liability. Net figure shall be reported.
Shyam Joshi & Associates
Pune
B.Com
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Karia Overseas
Ahmedabad
CA
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CAclubindia
