Aditya Maheshwari's Expert Profile

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I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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Rajesh says :
Dear Experts, Require ur immediate reply...Very urgent Sir!!! For a first year incorporated company we are finalizing the audit. For AS - 22 calculations i have done the following workings. Please tell me whether i am correct or not. Because of this i have not yet said to my senior that the audit has been finalized. Closing wdv balance of Fixed Assets as per Companies Act - 60,00,000 Less: Closing wdv balance of Fixed Assets as per Income Tax Act - 50,00,000 Difference in balances = 10,00,000 Note: (1)This is due to difference in depreciation amount. In Income Tax act we are claiming more depreciation amount than companies act. Therefore Tax Profit is less than Book Profit, consequently we are paying less tax now which we have to pay at a latter point of time, thats why we have to create DEFERRED TAX LIABILITY. (2)It is assumed that there is no amount disallowed u/s 43B. Deferred Tax Liability to be created - 10 lakhs * 30% (no surcharge or cess since less than one crore income) = 3 lakhs. First Entry - Booking the expense and creating liability: DTL* (P&L) A/c Dr. 3 lakhs To DTL (B/s) A/c 3 lakhs (Being the amount of Deferred Tax liability which we have to pay in later years for which currently booked as expense and corressponding credit (i.e. liability) is being created) * Instead of DTL (P&L) we may also term it as Tax Expense Second Entry - For transferring the expense into P&L a/c: P&L A/c Dr. 3 lakhs To DTL (P&L) A/c 3lakhs (being the amount of Deferred Tax transferred to P&L account for the year ended 31.3.2010) Also while computing Total Income Statement i have to add the DTA (P&L) amount Rs.3 lakhs. Please inform me whether i am correct or not in this regard. With regards, Rajesh.

Rajesh says : AS 22 Urgent Sir....
Dear Experts, Very Urgent Sir!! The assessee is a firm. This is the first year in which DTA or DTL has to be created. The timing difference which is capable of reversal during the subsequent period which i have found is only 43B payments which comes around 1 lakhs. Please explain and tell to me what is the amount i have to debit in P&L account and what is the amount i have to show in the Balance Sheet. Please provide me the journal entries to record both in the P&L account and Balance Sheet. Fortunately since this is the first time we are going to create DTA or DTL reversal of earier years and all does not arises. Expecting the reply and thanks in advance. Please explain me detailedly and step by step. It would be a great help for me...for everyone who helps me in this urgent situvation. Is there any book available for Accounting Standards-22 which provides me detailed and step by step approach for practical usage purpose. ( I already have Students Guide to AS - DS Rawat; for my calibre i am unable to have a grip on it.) With regards, Rajesh.

CA Tazin says : Registration U/s-12 A & 80 G of IT Act
Dear Sir I have Applied for Registration of a trust providing only educational activities under Registration U/s-12 A & 80 G of IT Act. ITO Says pay taxes for the earlier year as the Trust is not registered under 12 A.Please guide me. MY STAND IS THAT SEC.10 (23) iii ad EXEMPTS ANY INCOME RECEIVED FRO EDUCATIONAL PURPOSES. PLEASE KINDLY GUIDE ME HOW SHOULD I PRESENT BEFORE ITO. REGARDS & THANKS IN ADVANC

Illayaraja says :
sir i have already applied pan correction now NSDL Service center told your application date of incorporation date is mismatch so send proof of incorporation date.