Deferred tax asset
This query is : Resolved
24 January 2011
Hi,
A Company has suffered losses for the first time and has recognised deferred tax asset. Does it still have to establish virtual certanity to prove that it will make profits in future?
A Company has suffered losses for the first time and has recognised deferred tax asset. Does it still have to establish virtual certanity to prove that it will make profits in future?
24 January 2011
Yes compnay has to establish virtual certanity of prifit in the future years, so that compnay may setoff the losses with taxable profit.
CA Navin Jain
(Expert)
24 January 2011
Agree with CA Shailesh
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