Calculation of Deferred Tax Liability
This query is : Resolved
23 April 2021
Respected Sir Please guide me and oblige.
Depreciation as per books Rs. 15,01,558 Dr (a)
Depreciation as per IT Rs 13,41,399 Cr (b)
Credit Balance Rs (-) 160,159 (b-a) = C
Deferred Tax Liability Net Rs 41,241 ( 25.75% of c )
But the CA has calculated as of Rs 40,082
Please guide and let me know which one is correct ?
Depreciation as per books Rs. 15,01,558 Dr (a)
Depreciation as per IT Rs 13,41,399 Cr (b)
Credit Balance Rs (-) 160,159 (b-a) = C
Deferred Tax Liability Net Rs 41,241 ( 25.75% of c )
But the CA has calculated as of Rs 40,082
Please guide and let me know which one is correct ?
23 April 2021
It should be 41641(26% of c) 4% cess applicable.
24 April 2021
It will be deferred tax assets as per my opinion because there is less depreciation in IT Act.
24 April 2021
yes, it's a deferred tax asset.
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