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Deffered Tax & calculation

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 April 2010 Net profit as per P\L is 100000, I have paid cash 15000/-as penalty, and as per company act depreciation is 10000 and as per IT 15000, then if I am correct – I have to pay the tax on 120000(100000+15000+(15000-10000))

Is the 20000 will be treated as deferred tax liability & hhow much I have to pay tax
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
22 April 2010 you have to pay tax on (100000+15000+10000-15000)=110000.
Your deffered tax assets is tax rate X (15000-10000).

Refer AS 22
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 April 2010 AGREE WITH EXPERT. WELL REPLIED.
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