Where should the difference between depreciation previously charged as per Income Tax Act & depreciation under Company's Act be transferred?
Souvik Kumar Ghosh (CA Final) (1368 Points)
30 June 2011Where should the difference between depreciation previously charged as per Income Tax Act & depreciation under Company's Act be transferred?
Keshav
(chartered accountant)
(286 Points)
Replied 30 June 2011
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 30 June 2011
| Originally posted by : keshav | ||
 |
Difference itself does not arise in accounting books since no entry has to be passed for depreciation (as per IT) in accounting books.....both amounts are carried forward separetely for their respective purposes.....only tax difference arising because of two has to provided as DTA/DTL,as the case may be. |
 |
AGREED.
Kapil Bansal
(Accountant)
(47 Points)
Replied 30 June 2011
tax difference arising because of two has to
provided as DTA/DTL as per AS-22 ,as the case maybe.
CA SUBBIAH K
(SENIOR MANAGER - F&A)
(105 Points)
Replied 30 June 2011
| Originally posted by : keshav | ||
|
|
Difference itself does not arise in accounting books since no entry has to be passed for depreciation (as per IT) in accounting books.....both amounts are carried forward separetely for their respective purposes.....only tax difference arising because of two has to provided as DTA/DTL,as the case may be. |
|
AGREE WITH U DEAR FRIEND..........
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 30 June 2011
DEFERRED TAX LIABILITY / DEFERRED TAX ASSETS
CA Mohit Saxena
(FINANCE MANAGER)
(343 Points)
Replied 30 June 2011
| Originally posted by : keshav | ||
|
|
Difference itself does not arise in accounting books since no entry has to be passed for depreciation (as per IT) in accounting books.....both amounts are carried forward separetely for their respective purposes.....only tax difference arising because of two has to provided as DTA/DTL,as the case may be. |
|
YES ABSOLUTELY RIGHT
deepesh
(C.A. Student)
(24 Points)
Replied 01 July 2011
Depreciation as per IT act is calculated basically for Statement of Income purpose and Dep provided in the book of accounts is as per the company policy which is generally company act. And no entry is to be passed in the books of accounts for the dep as per IT Act. only DTA/DTL is to be created as per AS-22
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
