Accounting Standard 22
This query is : Resolved
11 July 2008
Dear Sir,
Depreciation as per books is Rs1.40lacs and as per Income Tax Laws is Rs1.50lacs.
On RS 10,000/- (ie 1.50-1.40) DTL is created @33.66% am i right in doing so?
Shall i create DTA in respect of the same
Method followed for Depriciation in book is WDV
Regards,
Pratik
Depreciation as per books is Rs1.40lacs and as per Income Tax Laws is Rs1.50lacs.
On RS 10,000/- (ie 1.50-1.40) DTL is created @33.66% am i right in doing so?
Shall i create DTA in respect of the same
Method followed for Depriciation in book is WDV
Regards,
Pratik
11 July 2008
Yes, ur method of calculation is correct. However, the tax rate should be 33.99%
11 July 2008
you are right. also assess the previous year DTA and DTL balances in this respect. so u have to provide only for the net of the balancex
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