A PERSON HAS EXPORT BUSINESS, AS PVT LTD EXPORT COMPANY AND ITS TURNOVER NOT EXCEED 4000000 , MY QUESTION IT IT'S COMPULSORY FOR DEFFERED TAX ASSETS AND FBT CALULCATION, IF TURNOVER NOT EXCEED 4000000?
THANKS & REGARDS
ARUNA THAKUR
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Replies (1)
Aruna,
DTA/DTL is governed by Accounting Standard -22 which compulsorely be followed by each companies under Section 211(3C) of Companies Act, 1956.. So it doesn't depend upon turnover.. even turnover is zero, then too DTA/DTL has to be calculated..
FBT liabilities, according to Income Tax Act, arises when certain prescribed benefits to employee or expenditures are made.. so it also doesn't depend upon turnover..
So, in ur case, both shud be calculated..
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