hey can anybudy plz tell... wat iz the treatment of opening deferred tax asset??? kindly explain thru d following info:
Depreciation as per Income Tax Act is Rs. 52,620.60 of the current year.
Depreciation as per Companies Act is Rs. 33,936.00 of the current year.
Opening Deferred Tax Asset is Rs. 2,854/-
Wat will be the treatment in the current year??
Depreciation as per Income Tax Act is Rs. 52,620.60
Depreciation as per Companies Act is Rs. 33,936.00
Difference=18684.60
Tax on 18684.60 @ 30.90% = 5773.54 (DTL) - To be shown in addition to Current Tax in the Profit and Loss Account.
In the Balance Sheet,
DTL = 2919.54 (which is the difference between opening DTA 2854 and current year DTL 5773.54)
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