Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 Please tell me.
1.What is Deffered Tax :

Suppose our company position as as on 31.03.2011
Net Profit - 2000000/-
Depreciation (as per co. act) 360000/-
Depreciation (as per it act) 376000/-
(this is new company not previous year)
Fixed assets gross block 4300000/- (as per it act)
Fixed assets gross block 4316000/- (as per co. act)
Then which amount we have to debited in P&L account and which amount show in balance sheet liability or assets..
Please reply me soon

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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18 November 2011 first find Timing Diffrence as per AS-22

T.Diff=376000-360000=16000

Deffered tax liability=16000*30.90%=Rs.4944

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 ok means we have to debited P&L A/c by Rs. 16000/- and liability 4944/- if acording to comany act it more than it act thant what will happen.it will credit in P&L A/c.
and if we have deffered tax Liability 16000/- in previous than what procedure of accounts entry ////

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