A limited company earns Agricultural income only. But it have Computer, Computer software,Equipments, Preliminary Expenses. How the Deferred tax can be calculated?
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Deferred tax
Replies (2)
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.
Refer AS-22 as it a lengthy process so i can't explain it now
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