A company is not providing deferred tax since 4 years. Now in 5th year the issue came in notice. As per AS and Revised schedule VI, what is the proper presentation of deferred tax of earlier 4 years and current 5th year?
CA Abhilasha Bhagat (ACA) (466 Points)
19 October 2012A company is not providing deferred tax since 4 years. Now in 5th year the issue came in notice. As per AS and Revised schedule VI, what is the proper presentation of deferred tax of earlier 4 years and current 5th year?
CA Manish
(Job)
(5264 Points)
Replied 19 October 2012
It will be treated as prior period item as per AS - 5.
and the effect of the same need to be separetly disclosed.
CA Abhilasha Bhagat
(ACA)
(466 Points)
Replied 19 October 2012
Can we Dr. Def tax of all the 5 years in tax expense-def tax, and disclose that def tax includes Rs.___ of earlier years? which is the better way of presentation?
CA Manish
(Job)
(5264 Points)
Replied 19 October 2012
Relevant text of the AS - 5
Para19. Prior period items are normally included in the determination of net
profit or loss for the current period. An alternative approach is to show such
items in the statement of profit and loss after determination of current net
profit or loss. In either case, the objective is to indicate the effect of such
items on the current profit or loss.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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