28 May 2009
My client has not adopted AS 22 till the year 2007-08. However from the year 2008-09 they are following the same.According to AS 22 - Transitional Provisions deferred tax for the previous year is also to be calculated and it is to be routed through reserve account. Please guide me regarding calculation of Deferred Tax for the year 2008-09 ( including the effect of the year 2007-08)in the following matter.
Figures for 2008-09
Depriciation as per co.s act 22223 Depriciation as per it act 113585
Donation as per books 11001 Donation eligible as per Income tax 5500
Provision for leave encashment ( 2008-09) 210933 Leave encashment paid during year 16260
Provision for Doubtful debts 20186 Provision for Bonus 365068
Figures for 2008-09 but related to previous year
Provision for leave encashment as on 31.03.2008 641012
Bonus paid for the year 2007-08 in the year 2008-09 125849
Provision for Doubtful Debts as on 31.03.2008 101582
Please guide me regarding defered tax calculation for the year 2008-09 and also for the previous year. Please guide me regarding entry to be passed for the previous years DTA/DTL which is to be routed through reserve a\c.
CAclubindia
