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 .
valji
(Accounts manager-MBA)
(2150 Points)
Replied 11 May 2011
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
|
Shaik
( M.com,IC(W)AI - Inter)
(723 Points)
Replied 11 May 2011
thank you very much very good explanation you have given .thank a lot.
shiva basaula
(Chif Accountant)
(21 Points)
Replied 17 December 2012
Thanks it is also useful for me
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 12 April 2013
Originally posted by : Shaik | ||
when the entire assets are sold how to reverse the defered tax liability
|
m.k.p
(fm)
(21 Points)
Replied 13 November 2015
As deferred tax asset is a non current asset in which group i will keep in Tally package
Rno
(Accountant)
(71 Points)
Replied 29 December 2015
under which head that deffered tax expense to be create in tally???
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