Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961-UCBs

Last updated: 02 June 2014

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RBI/2013-14/619 UBD. CO. BPD. PCB. Cir. No. 67/09.50.001/2013-14 May 30, 2014 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/ Dear Sir, Deferred Tax Liability on Special Reserve created underSection 36(1) (viii) of the Income Tax Act, 1961-UCBs It has been observed that some banks are not creating deferred tax liability (DTL) on Special Reserve as per Accounting Standard 22:Accounting for taxes on Income (AS 22) on the ground that they d

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Notification No : RBI/2013-14/619

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