Mohd. Hammad (CA Article ) (103 Points)
22 June 2011
Dear All,
My query is..
Can deferred tax as per AS-22 calculated on Profit / loss arise on sale of fixed assets as per companies act....when
1)block of asset exists as per Income tax act
2)block of asset not exists as per income tax act.
Regards,
Hammad
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 22 June 2011
yes deffered tax is to be calculated on each timing difference...
1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts ....
2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax..
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 June 2011
| Originally posted by : CA,CMA,CS Karan Gogia | ||
 |
yes deffered tax is to be calculated on each timing difference... 1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts .... 2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax.. |
 |
agreed
Mohd. Hammad
(CA Article )
(103 Points)
Replied 22 June 2011
| Originally posted by : CA,CMA,CS Karan Gogia | ||
|
|
yes deffered tax is to be calculated on each timing difference... 1) if block still exist then u have to crate DTL..because no capital gain is taxable under income tax act now but capital gain is there in accounts .... 2) if block ends due to sale of asset then no deffered advantage or disadvantage id dere....there for no deffered tax.. |
|
Thanks Sir Karan Gogia...& Future CA
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 22 June 2011
yes i agree with above views
CAclubindia
