URGENT HELP NEEDED - DEFERRED TAX
This query is : Resolved
08 May 2020
Book loss - Rs.100/-
Income tax Loss -Rs.80/- (due to disallowance of expense of Rs.20/-)
Deferred tax liability or asset ?
On what amount ? on 100 or 80 or on 20 ?
Please reply me with reason.
I am waiting for reply.
Income tax Loss -Rs.80/- (due to disallowance of expense of Rs.20/-)
Deferred tax liability or asset ?
On what amount ? on 100 or 80 or on 20 ?
Please reply me with reason.
I am waiting for reply.
08 May 2020
1 Deferred tax asset as loss will be carried forward and adjusted in future.
2 Deferred tax asset on 80 only as tax provisions related to income tax.
2 Deferred tax asset on 80 only as tax provisions related to income tax.
09 May 2020
Yes loss as per Income Tax for Rs. 80 will be carried forward and would be shown as an asset. It has be adjusted with future profits.
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