Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2013 A) Figures relating to FY 2011-12
1) Depreciation as per Companies Act Rs. 50 lakhs

2) Depreciation as per Income Tax Rs. 100 lakhs

B) Figures relating to FY 2012-13
1) Depreciation as per Companies Act Rs. 40 lakhs
2) Depreciation as per Income Tax Rs. 80 lakhs

The company did not recognised DTL on Rs. 50 lakhs (100-50)in its audited financial of FY 2011-12

What would be the DTL in the Financials of FY 2012-13?
Should it be calculated on Rs.40 Lakhs (80-40) or on Rs. 90 lakhs (180-90)?

Ganeshbabu K

Ganeshbabu K (Expert)
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07 December 2013 current year defered tax..i.e, f.y.2012-13 has to be 40 lakhs only
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previous year defered tax also can be booked and can be shown as "prior year tax" which is in line with defered tax and other tax expences(below the line adjustments)