srikumar (audit staff) (1203 Points)
31 December 2013dear sir ,
pls explain defered tax calculation, my opinion is wdv as per IT act is Higher than wdv as per companies act, so ti is defered tax assets on balance sheet assest side in the same thing wdv is less than wdv as per companies act , it is defered tax liability in the balace sheet liablity side. is this coorect or wrong ? if wrong pls explain that
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 31 December 2013
Dear SriKumar,
Accounting Standard 22 taks about this issue.
Generally this deffered tax liability arises due to timing differance between income tax rule and company rule.
gneral rule is -
if this year taxable profit is less due to such timing differance then there arises the deffered tax liability.
if this year taxable profit is more due to such timing differance items then there arises the deffered tax Asset.
on Analysing your case it is pointed out that IT rate of deppreciation is more hence depreciation according to IT is more than that off the books so it reduces the taxable profit. therefore here it is deffered tax libility.
your openion is correct
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
