Accounting treatment of deferred tax
This query is : Resolved
09 March 2013
To,
Experts
I've a confusion regarding following situation,
Bal. of DTL as on 31.3.2012 in the books of XYZ pvt ltd is Rs.50,00,000. In the F.Y. 2012-13 Depreciation as per Co's Act 1956 is Rs. 37,00,000 and Depr. As per I.T. act is Rs. 1,65,00,000. So Amt. of DTL will be Rs.39,55,200 [(37,00,000-165,00,000)*30.9%].
So my Question regarding above situation is What will be the closing bal. of DTL?
Please solve above query and also give me accounting treatment of above.
(Assuming No Surcharge)
Thanks & Regards
Vikram Nagar
(Student)
Experts
I've a confusion regarding following situation,
Bal. of DTL as on 31.3.2012 in the books of XYZ pvt ltd is Rs.50,00,000. In the F.Y. 2012-13 Depreciation as per Co's Act 1956 is Rs. 37,00,000 and Depr. As per I.T. act is Rs. 1,65,00,000. So Amt. of DTL will be Rs.39,55,200 [(37,00,000-165,00,000)*30.9%].
So my Question regarding above situation is What will be the closing bal. of DTL?
Please solve above query and also give me accounting treatment of above.
(Assuming No Surcharge)
Thanks & Regards
Vikram Nagar
(Student)
11 March 2013
There is a generation of DTL of Rs. 39.55 lacs in the current year which will be added to opening DTL balance. The closing balance would be 89.55 lacs
12 March 2013
Sorry to say Mr. Suraj that i'm disagree with your answer, according to me Closing bal. of DTL should be 39.55.
My Querry is that Should i passed Accounting entry of Rs. 10.448 Lacs in DTL???
My Querry is that Should i passed Accounting entry of Rs. 10.448 Lacs in DTL???
12 March 2013
There is nothing to be sorry for disagreement.
Since there is a generation of DTL in current year, it is to be added to DTL standing at the beginning of the year.
Since there is a generation of DTL in current year, it is to be added to DTL standing at the beginning of the year.
14 March 2013
OK
Thankyou
Thankyou
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