Applicability of Deferred Tax for Qtrly Publication
This query is : Resolved
25 July 2008
Sir,
I am doing the internal audit of a listed company. It has to go for qtrly publication.
1)I want to know whether deferred tax asset/deferred tax liability should be calculated on a quarterly basis or yearly basis?
2) Can recognizing the deferred tax at the year end (31 march) instead of recognizing it in the P& L a/c for quarter end(30june, 30sept, 31st dec) amounts to non-compliance of AS 22 ?
Plz elaborate
I am doing the internal audit of a listed company. It has to go for qtrly publication.
1)I want to know whether deferred tax asset/deferred tax liability should be calculated on a quarterly basis or yearly basis?
2) Can recognizing the deferred tax at the year end (31 march) instead of recognizing it in the P& L a/c for quarter end(30june, 30sept, 31st dec) amounts to non-compliance of AS 22 ?
Plz elaborate
25 July 2008
Yes, the deferred taxes are to be incorporated in the Qtrly results otherwise it will tentamount to deviation from the standard and cosequently a non-compliance.
25 July 2008
Accounting for Taxes on Income:
Companies shall be required to comply with the accounting standard on "Accounting for Taxes on Income" in respect of the quarterly un-audited financial results with effect from the quarters ending on or after September 30, 2001.
Companies shall be required to comply with the accounting standard on "Accounting for Taxes on Income" in respect of the quarterly un-audited financial results with effect from the quarters ending on or after September 30, 2001.
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