Deferred tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2011 I have a query:

this is the first accounting year for a pvt ltd company. depreciation as per books is Rs. 200000 and as per IT act is Rs. 300000. then will it create DTA or DTL. please guide its very urgent as the last date of filing ITR is very near. my colleague suggested tht it will be deferred atax liability on rs. 100000 (diff due to different depreciation) is this correct

CA Navin Jain

CA Navin Jain (Expert)
Follow

15 September 2011 DEFERRED TAX LIABILITY TO BE CALCULATED ON RS. 200000.

DTL ON RS. 100000 DUE TO DEPRECIATION
DTL ON RS. 100000 DUE TO LOSES

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

15 September 2011 According to me Deferred Tax Assets should be creat on Rs. 200000/- with use of income tax rate.

Upgrade to CAclubindia Pro. Subscribe Now!

CA Navin Jain

CA Navin Jain (Expert)
Follow

16 September 2011 @ Ravi Sir,

You are right, Deferred Tax Assets should be creat on Rs. 200000/- with use of income tax rate.

DEFERRED TAX ASSETS TO BE CALCULATED ON Rs. 200000.

DTA ON Rs. 100000 DUE TO DEPRECIATION
DTA ON Rs. 100000 DUE TO LOSES

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2011 Sir, please tell me that is there is excel utility to calculate deferred tax asset/liabilty