Hi,
We have created a Deferred Tax Laiblity in the earlier years. Now the deferred tax for the f y 2008-09 is more than the Deferred Tax Laiblity. (Deferred Tax Laiblity is 40000.00 whereas Deferred Tax for f y 08-09 is 45000.00) Should the Deferred Tax Laiblity be brought to '0' and leave the rest of the deferred tax or should we create a deferred tax asset? What needs to be done now?
Many Thanks in Advance.
Hi Surekha,
For the same FY you have to make provision Net of DTA & DTL. As in your case in CY DTA is more that DTL, you have to create DTA provision net of the amount.
regards,
Rohit KC Jain & Co
New Delhi
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PARV & Co.
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