Hello Friends
I want to know about Tax Audit U/S 44 AB Of IncomeTax Act. My Question Is Whether Deferred Tax Liability Is the Part Of Reserve And Surplus In Annexture-1. If Yes Then Why?, If not then in which head we would have to show this???
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Tax Audit
Replies (5)
It can be shown in the current liabilities head. As differred tax liab is only for the temporary difference, it can be considered a current liability
It will not come under any head in Annexure-1 of Form No. 3CD.
Deferred tax assets and liabilities should be distinguished from assets and liabilities representing current tax for the period. Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities
There fore you should not show this in the Annexure 1 of tax audit report.
It is a tax liability which comes under Current Liabilities and not part of reserves & surplus
Agree with Koneri!!
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