defferd tax assets
This query is : Resolved
18 May 2009
please guide me regarding calculation of Deferred tax. Following are the details.
Depriciation as per co. act = 22223
Depriciation as per IT act = 94078
Provision for leave salary = 194673
Provision for doubtful debts = 20186
Prepaid expenses = 14102
Thanks
Depriciation as per co. act = 22223
Depriciation as per IT act = 94078
Provision for leave salary = 194673
Provision for doubtful debts = 20186
Prepaid expenses = 14102
Thanks
18 May 2009
dIFFERENCE OF INCOME TAX DEP & COMP. ACT DEPRECIATION WILL ALONE QAULIFY FOR DEFERRED TAX COMPUTATION. hENCE 71855*33.99% =24424 NEEDS TO BE CREATED AS DEFERRED TAX LIABILITY.
ALL OTHER ITEMS WILL QUALIFY FOR DEFERED TAX ASSETS , WHICH WE NEED NOT ACCOUNT IT FOR ON PRUDENCE BASIS
ALL OTHER ITEMS WILL QUALIFY FOR DEFERED TAX ASSETS , WHICH WE NEED NOT ACCOUNT IT FOR ON PRUDENCE BASIS
18 May 2009
Depreciation as per Co. Act - 22223/-
Provision for leave salary - 194673/-
Provision for doubtful debts - 20186/-
Less:
Depreciation as per I.T Act - 94078/-
Difference: 143004/-
Accounting Profit is > Income Tax Profit.
Hence deferred tax asset will be created of (143004*33.99%)-48607/-.
If the taxable income of the company is less than 1 Crore, the tax rate will be 30.90% and calculation will be done accordingly.
Prepaid expenses is of no relevance.
Provision for leave salary - 194673/-
Provision for doubtful debts - 20186/-
Less:
Depreciation as per I.T Act - 94078/-
Difference: 143004/-
Accounting Profit is > Income Tax Profit.
Hence deferred tax asset will be created of (143004*33.99%)-48607/-.
If the taxable income of the company is less than 1 Crore, the tax rate will be 30.90% and calculation will be done accordingly.
Prepaid expenses is of no relevance.
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