Dear Members,
There is a company, which is into Ist year as on 31st March 2013. The company is making loss in the books. As per accountant, we can create Deferred tax asset on the basis of loss in the books. Otherwise there is no timing difference as per accounting laws and taxation laws.
Please advice, I need to finalise the audit report.
Regards,
DTA can be recognized if it is virtually certain that the same can be realized against the future taxable gains...
The same to be disclosed in Discloisure requirm pursuant to AS-22
Hema Yashwanth & Associates
Chennai
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