Procedure for Writing off Deferred Tax from Books

Dhruv Jain (Practicioner) (200 Points)

26 August 2022  

The Assets from the books of Accounts have been amortised as per Companies act and the same block of Asset is still being depreciated as per income tax act. Hence no new deferred Tax would be created due to no timing difference. However there is a deferred tax asset showing in the Balance sheet.

What is the procedure for writting off the Deferred Tax Asset in this case.