A limited company earns Agricultural income only. But it have Computer, Computer software,Equipments, Preliminary Expenses. How the Deferred tax can be calculated?
2 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 January 2011
First calculate depreciation as per income tax act on fixed assets.
And after that calculate depreciation as per company act on fixed assets
Difference of depreciation amount from both the act will your deferred amount and calculate tax on it.
Karan Malhotra
(Auditor)
(66 Points)
Replied 28 January 2011
Refer AS-22 as it a lengthy process so i can't explain it now
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