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deferred tax query

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(Querist)
25 December 2009 Hi
if their is loss in books of account of pvt. company like construction then deferred tax applicable or not.
Thanks
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Jitender

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Jitender (Expert)
25 December 2009 deferred tax asset is to be made only in case of virtual certainity of profits in future.
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Ca. Alok Gupta

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Ca. Alok Gupta (Expert)
27 December 2009 if loss as per books and as per income tax act same and there is no item of timing diff then there is no need of deffered tax asset
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