Deferred tax liabilities
This query is : Resolved
21 July 2012
Sir Please Calculate DTL/DTA in following case
Opening Deferred Tax Liabilities - 2064/-
WDV as per Co. Act (31.03.2012)- 91218/-
WDV as per It Act (31.03.2012) - 102457/-
Dep. as per Co. act.
- Add During the Year - 27856/-
- Less Durning the Year - 6714/-
(Mobile lost in thift so Dep. less in this year)
Dep. as per IT act. -23121/-
So please tell me DTA/DTL from Both Method
Opening Deferred Tax Liabilities - 2064/-
WDV as per Co. Act (31.03.2012)- 91218/-
WDV as per It Act (31.03.2012) - 102457/-
Dep. as per Co. act.
- Add During the Year - 27856/-
- Less Durning the Year - 6714/-
(Mobile lost in thift so Dep. less in this year)
Dep. as per IT act. -23121/-
So please tell me DTA/DTL from Both Method
21 July 2012
As per WDV Menthod
Excess W.D.V as per Income Tax Rules
Rs.102457-91218= 11240/-
11240x30.90%= 3473
Opening DTL= 2064
Current DTA= 3473-2064= 1409
DTA Dr 1409
To Deferred Tax Adj. A/c 1409
As per Dep. Method
DTL has to be made
for Rs. 1979/-
Excess W.D.V as per Income Tax Rules
Rs.102457-91218= 11240/-
11240x30.90%= 3473
Opening DTL= 2064
Current DTA= 3473-2064= 1409
DTA Dr 1409
To Deferred Tax Adj. A/c 1409
As per Dep. Method
DTL has to be made
for Rs. 1979/-
Message likes :
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21 July 2012
Thanks sir
but Can Current DTA is 3473
and P&L Adjust with 1409
because as per my calculation Current DTA is 3473
and
P&L Adjust with 2064(DTL)+3473(DTA) = 5537/-
can i am right
but Can Current DTA is 3473
and P&L Adjust with 1409
because as per my calculation Current DTA is 3473
and
P&L Adjust with 2064(DTL)+3473(DTA) = 5537/-
can i am right
21 July 2012
because in Current year Deferred Tax Liabilities (DTL) Convert in Deferred Tax Assets (DTA)
21 July 2012
Please Adj P&L Account with Rs. 1409
Don't Show DTL in Balance Sheet
Only Show DTA in Balance Sheet with Rs.1409
yes current DTA as per my calculation is also Rs.3473 but I have adjusted with Previous Year DTL of Rs.2064 so remaining DTA is Rs.1409 has to be created for the current Year.
Don't Show DTL in Balance Sheet
Only Show DTA in Balance Sheet with Rs.1409
yes current DTA as per my calculation is also Rs.3473 but I have adjusted with Previous Year DTL of Rs.2064 so remaining DTA is Rs.1409 has to be created for the current Year.
23 July 2012
Can i show DTA in Balance sheet with Rs. 1409 or 3473
23 July 2012
Mr. Ishant ji, Please read the above carefully. You have to show DTA of Rs. 1409/- in the Balance Sheet.
23 July 2012
Sir if i show 1409/- as DTA in balance sheet and if I Adjust P&L with Rs. 1409/- than in my Balance sheet Difference create with Rs. -2064. So i thing this is not Correct treatment.
and If i Show DTA Rs. 3473 and P&L Adjust with Rs. 5537, than there is no difference in Balance sheet
and If i Show DTA Rs. 3473 and P&L Adjust with Rs. 5537, than there is no difference in Balance sheet
23 July 2012
Following Entry has to be made in books of Account:-
a) DTA Dr 3473
To Deferred Tax Adj. 3473
b) DTL(Previous Year) Dr. 2064
To DTA 2064
( DTL has been Adjusted with DTA of Rs 2064 out of current Year DTA of Rs.3473)
a) DTA Dr 3473
To Deferred Tax Adj. 3473
b) DTL(Previous Year) Dr. 2064
To DTA 2064
( DTL has been Adjusted with DTA of Rs 2064 out of current Year DTA of Rs.3473)
23 July 2012
Thanks Sir
23 July 2012
Ishant ji now Your Balance Sheet got tallied.
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