BIKASH AGARWAL (ASSISTANT CS) (89 Points)
31 August 2012Our Companies profit after depreciation before tax is Rs. 4115750/-
Dep as per Companies Act is 12475308/-
Dep as per IT Act is 17729230/-
There is a deferred tax liability arise of Rs. 1623460/-
What entries should be passed for deferred tax liability and for provisions for taxtion in the books of account
As our income as per IT Act will be negative. Should that figure will be carry forwward?
What will be the MAT provison and amount of tax?
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 31 August 2012
A. For defferred Tax liability:
| Profit & Loss Account Dr. | |||
|
To Deferred Tax Liabilty
B. For provision of Taxation: Provision for Taxation Dr. To Profit & Loss Account |
|||
Loss as per Books of accounts alone be carry forward as there is loss as per IT Act which has been considered for defferred tax liabilitya.
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 31 August 2012
| Originally posted by : CA Devendra Sharma | ||
 |
Pass entry for deffered tax liability: p&l Ac Dr 1623460 to Deffered tax laibility A/c 1623460 Since the book profit is nagative calculate tax as per mat provision on book profit and create provisoion for taxaion. |
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aayush
(studying)
(25 Points)
Replied 28 September 2012
there is a net profit as per p&l a/c of rs 35000. & there is a brought forward loss of rs 1350000. dep as per co. act 150000 & dep as per it act 2000000. what is the amt of deferred tax? tax @ 30.9%
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
