Dear All,
any one can help me how to make adjustment entries for Deferred tax liablity and under which head i have to create a ledger in tally.
Thanks in Advance .
deferred tax liability entry
Replies (6)
you may create to haed deffred tax asset or deffred tax liablity under curreant asset or liablity
,for example for company act deprecition rate & as per income tax act both rate are Diffreant
| Timing difference in respect of deprciation (for FY 09-10) on assets appearing | ||||||||
| in the books as on 01.04.09 | ||||||||
| Income Tax Depreciation | 918413 | |||||||
| Less: Book Depreciation | 1045980 | |||||||
| 127568 | ||||||||
| Tax Effect of the above Timing Difference ( @ 30.9%) Deferred Tax Liability | 39418 | |||||||
| Deferred Tax Asset A/c. Dr. | |||||||||||||
|
To Profit & Loss A/c.
or
|
|||||||||||||
thank you very much very good explanation you have given .thank a lot.
Thanks it is also useful for me
| Originally posted by : Shaik | ||
 |
when the entire assets are sold how to reverse the defered tax liability
|
 |
As deferred tax asset is a non current asset in which group i will keep in Tally package
under which head that deffered tax expense to be create in tally???
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