what is deferred tax assets and liability and how it is calculated & its rate
Query 1:Can an enterprise offset deferred tax asset and liability? is it a legally enforceable right in India?
i have gone thru a few annual reports lik reliance,infosys,etc. where they have shown d net amt in balance sheet..but my professor is of the opinion tht its not allowed India.. is that so?
Query2: my professor is of the opinion that difference depreciation always lead to a deferred tax liabilty? is it correct?
in case of motor car, i suppose, the depn is 40% in companies act and 15% in income tax Act. and assuming the enterprise has only motor car as a fixed asset. then deferred tax asset is possible. M i correct ?
i want to confirm tht i m correct before i present my opinion before him.
thanks.
hi, there is a custom claim in the books and not sure if it will be realiseable , but to fight with customs and file claim theyw ant to see in balance sheet signed by Auditor that figure is shown. Party is not sure so does not want to pay tax on this deffered Income .
How can one show in Balnce sheet and not use for tax calculation , pls explain if anyone can help
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