DEFERRED TAX

This query is : Resolved

CA CMA NARESH (Querist)
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26 August 2009 Sir,

i want to know if dta on losses for previous year is not done.. than in current year what to do....

CA Binal Shah

CA Binal Shah (Expert)
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27 August 2009 Hello,

First of all if in the previous yr, DTA on losses is not done, Auditor hv to qualify the report regarding the same for that yr.

Now as far as current yr is concern, after setting of losses against current yr income, if u hv still pr.yr.loss, u hv to simply make provision for differed tax, and for ur safer side u can put note in ur report that pr.yr., DTA on losses was not calculated and to that extent opening figures are affected.