Deffered tax

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Rohit

Rohit (Querist)
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01 December 2013 is additional dep permanent difference or timing difference ? and the reason .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 December 2013 Deferred Tax Liability arises due to timing difference in the value of Assets as per Books of Accounts and as per Income Tax Act.

Also we can say that Deferred Tax Liability/Asset arises due to the difference between Profit as per Books of Accounts (P&L Account) and profit as per Income Tax Act. (Taxable Income).

Depreciation is the main reason for difference in the profits as per books of Accounts and Taxable profits as per Income Tax Act. Both Income Tax Act and Companies Act prescribe different rates of Depreciation for different categories of Assets. Additional depreciation is also a big reason for DTL.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 December 2013 Check out in detail from below link--

https://www.caclubindia.com/experts/income-tax-query-504520.asp#.UpsYAMQW0jV

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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01 December 2013 Additional Depreciation is also depreciation. In account it will be allowed in later years hence it is also timing difference

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