Deferred tax liabilities \ asset
This query is : Resolved
16 September 2011
Please give your valuable suggestion.
Now, I am going to make the P. & L. and B. S. as mentioned below
Is it correct ?
THE DEPECIATION IS Rs. 2,90,777 AS PER COMPANIES ACT.
THE DEPECIATION IS Rs. 2,97,308 AS INCOME TAX ACT.
PROFIT & LOSS A/c. 31.03.2011
(The Company was incorporated on 18.08.2010)
INCOME
Sales 10213423
Indirect Expenses :
Depreciation 290777.00
Other Exp. 173615.00
--------- 1464392
--------
Net Profit 103415
Add ; Profit B/F 0
--------
103415
Less ; Provision for Deferred
Tax Liabilities (32000)
Excess/Provision for Deferred
Tax Liabilities 1959
--------
PROFIT / LOSS carried over 73374
-----------
BALANCE SHEET AS ON 31.03.2011
Liabilities
Paid-up Share Capital 3462000
Loans 169551
Current Liabilities 5065140
General Reserves 73374
Deferred Tax Liabilities
-------
8770065
-------
Assets
Fixed Assets 4070131
Current Assets 4697975
Deferred Tax Assest 1959
-------
8770065
------- taladavenkat@gmail.com
Now, I am going to make the P. & L. and B. S. as mentioned below
Is it correct ?
THE DEPECIATION IS Rs. 2,90,777 AS PER COMPANIES ACT.
THE DEPECIATION IS Rs. 2,97,308 AS INCOME TAX ACT.
PROFIT & LOSS A/c. 31.03.2011
(The Company was incorporated on 18.08.2010)
INCOME
Sales 10213423
Indirect Expenses :
Depreciation 290777.00
Other Exp. 173615.00
--------- 1464392
--------
Net Profit 103415
Add ; Profit B/F 0
--------
103415
Less ; Provision for Deferred
Tax Liabilities (32000)
Excess/Provision for Deferred
Tax Liabilities 1959
--------
PROFIT / LOSS carried over 73374
-----------
BALANCE SHEET AS ON 31.03.2011
Liabilities
Paid-up Share Capital 3462000
Loans 169551
Current Liabilities 5065140
General Reserves 73374
Deferred Tax Liabilities
-------
8770065
-------
Assets
Fixed Assets 4070131
Current Assets 4697975
Deferred Tax Assest 1959
-------
8770065
------- taladavenkat@gmail.com
16 September 2011
I think your are not clear about differed tax liability and assets.
During the year whatever is the difference between tax saved as per IT Act is either deferred tax liability or assets.
During the year only difference is in depreciation by Rs. 2,90,777 and Rs. 2,97,308 which comes to Rs. 6,531/- and the tax rate of 30.9% comes to Rs.2018/- this is DT Assets.
During the year whatever is the difference between tax saved as per IT Act is either deferred tax liability or assets.
During the year only difference is in depreciation by Rs. 2,90,777 and Rs. 2,97,308 which comes to Rs. 6,531/- and the tax rate of 30.9% comes to Rs.2018/- this is DT Assets.
17 September 2011
Thank you sir.
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