Yasaswi Gomes new (Finance ) (4514 Points)
22 January 2023Hi
Dr. Taxes Cr. Bank
Dr. Depreciation Cr. Asset
My question is simple! How did everyone tally your balance sheets when you got tax allowable depreciation claimed. Eg. Asset is reduced and profit is reduced and that is perfect tallying. But TAD increases the profits back. So how can anyone tally a balamce sheet under this condition? How does corporate tax help with this issue?
Txs
sabyasachi mukherjee
(27574 Points)
Replied 23 January 2023
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 23 January 2023
So is it not claimed against the profits? Ie, wont the profits increase baxk after adding allowable or deductable expenses?
CAclubindia
