Deferred Tax Liability
Adinath Sardeshmukh. (Student) (35 Points)
14 January 2019
can we create a DTL on profit on sale of fixed assets as it will be taxable as capital gains in future?
2 Replies
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 14 January 2019
PROVISIONS OF DTA DTL ARISES IN CASE OF DIFFRENCE BETWEEN ACCOUNTING PROFIT AND PROFIT AS PER INCOME TAX ACT..WHICH ARISES DUE TO TIMING DIFFRENCE
Adinath Sardeshmukh.
(Student)
(35 Points)
Replied 14 January 2019
yes, then in case of sale of fixed asset the profit is credited to p&l immediately but as per income tax act it is treated as capital gain only in the period when the entire block os asset are sold. so there is a timing differenece
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