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Deferred tax help
Under revised schedule vi what is the treatment of deferred tax provision and deffered tax liability?
help i want to know disclosure of above two things in rev. schedule vi.
(both in profit and loss ac and in balance sheet)
Replies (5)
Deferred Tax Liability will be disclosed under the head Long term Liabilities.. below Long term borrowings as the 2nd item.
Deferred tax asset is disclosed under Non current assets under Non current Investments.
Deferred tax assets and liabilities should be distinguished from
assets and liabilities representing current tax for the period. Deferred
tax assets and liabilities should be disclosed under a separate heading
in the balance sheet of the enterprise, separately from current assets
and current liabilities.
| Originally posted by : Nithin Chettoor | ||
Deferred Tax Liability will be disclosed under the head Long term Liabilities.. below Long term borrowings as the 2nd item. Deferred tax asset is disclosed under Non current assets under Non current Investments. |
||
THEN how to disclose provision ?
| Originally posted by : CA Manish Malu | ||
Deferred tax assets and liabilities should be distinguished from assets and liabilities representing current tax for the period. Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities. |
||
about defr tax provision?
deferred tax undr rvsd sch vi can be show net also umder the head non current assets/ liabilities .defered tax is created only when there is virtually certain .convincing supporting evidence about future earning then only derd tax can be created.
on unabosrbed depreciation / businesss loss def tax can be created when above prov is follow.
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