Deferred Tax Asset

Radhika (CA Final) (194 Points)

17 May 2010  

My client is having a loss of Rs.1.27/-Crores for the F.Y09-10, considering depreciation under Companies Act, 1956.Books were finalised and Audit report is also submitted.Now the company in view of virtual certainity of profits to the tune of Rs.2.85 Crores (basing on budgeted figures and appropriate evidences) in the F.Y10-11, would like to consider deffered tax asset in the books.

Pls can any one clarify me whether after finalising every thing can a company create deferred tax asset??? also would like to know the calculation of deferred tax amount, i.e., on what amount DTA is to be calculated????

Thanks & Regards

Radhika