deferred tax

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alpesh (Querist)
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23 December 2009 Permanent diffrence in not taken while calculating defererd tax(As-22) so how to so its effect. eg. Donation as per 80G 50% allowed, so in computation 50% is considered it mean there if diff. in computation as per Accouts income & taxable income. so how to show this effect in p & l or bal sheet

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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23 December 2009 In the present situation; since you paid tax more because only 50% is allowable.

But this difference will not be able to set off in future because rest 50% will never be given credit.

So you cannot treat it as Deferred Tax Asset.

Of course; if there is any deferred tax liability; then you have to provide in the books.