deferred tax liability entry

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 .

 

 

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

 

Profit & Loss Account     Dr.  
   To Deferred Tax Liabilty  

 

     

thank you very much very good explanation you have given .thank a lot. 

Thanks it is also useful for me

Originally posted by : Shaik


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 .

 

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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