Deferred tax
Querist : Anonymous
Querist : Anonymous
deferred tax credited to p/l a/c is rs. 50,000/-
what will be business income?
It is presented in P&L like-
Net profit before tax XXXX
Less: Provision for tax
Current tax XXXX
Deferred tax XXXX
Net Profit after tax XXXX
Accordingly,
Net Profit 700000
Less:-
Current tax XXXX
Deferred tax(50000)
Net Profit after tax 750000
Note:- Current tax is not computed
Querist : Anonymous
i wrote deferred tax credited to p/l BUT NOT DEBITED.
U CALCULATE ABOVE AS IT IS DEBITED?
The amount shown is in bracket. it is always shown like this only.
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