Can DTA be adjusted against DTL ?
pramod kumar jampala
(CA final student)
(119 Points)
Replied 28 May 2010
THIS IS FOR CREATING AWARENESS TO THE USER'S OF "ONLINE ITR FORMS"
WHILE CLICKING THE BUTTON "CALCULATE TAX" (available on the top right in "Taxes paid and Verification" sheet),THE FORM ITSELF AUTOMATICALLY CALCULATING THE TAX. BUT THE PROBLEM ARISES IN THE CASE OF INTEREST(U/s 234 B & C), AS THE SOFTWARE IS CONSIDERING THE OLD SLAB OF ADVANCE TAX i.e. Rs.5000/- AS AGAINST THE NEW SLAB OF Rs.10000/-..........., THIS ISSUE NEEDS RECTIFICATION FROM THE SIDE OF SOFTWARE DEVELOPERS FOR THE INCOME TAX DEPARTMENT AND TILL THAT TIME THE USERS NEED TO BE CAUTIOUS...
THANK YOU
Pramod Kumar Jampala
Rachit
(Analyst)
(913 Points)
Replied 28 May 2010
Yes it has to be adjusted and in your case the Net Deferred Tax Asset will be reflected on the Assets Side of the Balance Sheet
pramod kumar jampala
(CA final student)
(119 Points)
Replied 28 May 2010
YES, DTA CAN BE ADJUSTED OR NETTED OFF AGAINST DTL, ONLY WHEN THE ENTERPRISE HAS A LEGALLY ENFORCEABLE RIGHT TO SET OFF...
CA.Pravinchandra
(Executive (F&A))
(2387 Points)
Replied 28 May 2010
| Originally posted by : pramod kumar jampala | ||
 |
YES, DTA CAN BE ADJUSTED OR NETTED OFF AGAINST DTL, ONLY WHEN THE ENTERPRISE HAS A LEGALLY ENFORCEABLE RIGHT TO SET OFF... |
 |
manoj
(student)
(5205 Points)
Replied 28 May 2010
yes dta can be adjusted but with certain conditions which differs from entity to entity
Vikram Soni
(Student)
(103 Points)
Replied 29 May 2010
Yes it has to be adjusted and in your case the Net Deferred Tax Asset will be reflected on the Assets Side of the Balance Sheet
muttu
(Article)
(57 Points)
Replied 29 May 2010
dta arised out of excise duty dtl on account of income tax now can it be adjusted
Mukesh Rathor
(A.A)
(48 Points)
Replied 29 May 2010
DTL and DTA can be set off against each other if they have been created under same governing laws,that permit set off of tax assets with tax liabilities...
tk cr
Vinay Bhati
(Practicing Chartered Accountant)
(40 Points)
Replied 29 May 2010
Deferred tax assets can be adjusted with deferred tax liability, but as per AS-22 DTA should be created when organization is certain about income in future for write off DTA.
Ramil (CA,L.L.B.)
(Taxation)
(147 Points)
Replied 29 May 2010
Your problem clearly relates to AS22 "TAXES ON INCOME".
As per As22- DTA can be adjusted against DTL if:
(1)ENTERPRISE HAS LEGALLY ENFORCEABLE RIGHT TO DO SO AND
(2)ENTERPRISE INTENDS TO DO SO.
if above conditions satisfied then enterprise can setoff dta against dtl.
Bye
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
