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Deferred Tax Liability
can we create a DTL on profit on sale of fixed assets as it will be taxable as capital gains in future?
Replies (2)
PROVISIONS OF DTA DTL ARISES IN CASE OF DIFFRENCE BETWEEN ACCOUNTING PROFIT AND PROFIT AS PER INCOME TAX ACT..WHICH ARISES DUE TO TIMING DIFFRENCE
yes, then in case of sale of fixed asset the profit is credited to p&l immediately but as per income tax act it is treated as capital gain only in the period when the entire block os asset are sold. so there is a timing differenece
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