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Deferred tax Ind As 12
Should company make deferred tax on security deposit as company applied Ind AS 109 on security deposit considering it as financial asset and dicounted the security deposit?
Replies (1)
security deposit is an asset and as per ind as 12 if realisation of any asset is taxable then tax base is calculated and accordingly deferred tax is recognized in balance sheet, however in ur case realisation from security deposit is not taxable rather Interest on security deposit is taxable. hence company should not make deferred tax on security deposit.
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