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.
CAclubindia
