deffered tax
This query is : Resolved
26 July 2010
how will treat unubsorbed depreciation for current previous year and for preceeding previous years
26 July 2010
for the purpose of treating the unabsorbed depreciation if there is virtual certainity tat the company wil earn profits in the near future then deferred tax asset can be created
virtual certainity is required and not just reasonable certainity
virtual certainity is required and not just reasonable certainity
26 July 2010
As far as unabsorbed depreciation is concerned, reasonable certainty is enough to recognize deferred tax asset. But in the case of unabsorbed business loss, virtual certainty is compulsory to recognize deferred tax asset.
26 July 2010
Para 17 of AS 22 says "Where an enterprise has unabsorbed depreciation or carry forward of losses under tax laws, deferred tax assets should be recognised only
to the extent that there is virtual certainty supported by convincing
evidence that sufficient future taxable income will be available against
which such deferred tax assets can be realised."
so i thnik virutal evidence is required even for unabsorbed depreciation
to the extent that there is virtual certainty supported by convincing
evidence that sufficient future taxable income will be available against
which such deferred tax assets can be realised."
so i thnik virutal evidence is required even for unabsorbed depreciation
26 July 2010
I stand corrected.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
