WDV as per IT = 100
WDV as per Co. act= 140
What will be the result is it Asset or Liability?
Manjiri Juvekar (54 Points)
11 July 2022
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 11 July 2022
40*tax rate= liability. If you have a deferred tax provision brought forward from previous year, you need to calculate the moment in deferred tax
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 12 July 2022
No electricity and I had to tether my mobile.
@ Sabyasachi Hi Deferred tax moment. You have to subtract current year deferred tax with previous years credit to deferred tax provision. If the balance is positive debit it. If the balance is negative, credit it to SPLOCI only. I have attached a deferred tax schedule for your convenience. I got this for exam and I got it right. But only recently Ive learnt about debiting the positive moment to SPLOCI and crediting negative moment to SPLOCI.
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