Hello Friends
I want to know about Tax Audit U/S 44 AB Of IncomeTax Act. My Question Is Whether Deferred Tax Liability Is the Part Of Reserve And Surplus In Annexture-1. If Yes Then Why?, If not then in which head we would have to show this???
CA Om Arora (Chartered Accountant) (65 Points)
08 January 2009Hello Friends
I want to know about Tax Audit U/S 44 AB Of IncomeTax Act. My Question Is Whether Deferred Tax Liability Is the Part Of Reserve And Surplus In Annexture-1. If Yes Then Why?, If not then in which head we would have to show this???
Nikhil Kumar
(CA , Qualified CPA)
(910 Points)
Replied 08 January 2009
It can be shown in the current liabilities head. As differred tax liab is only for the temporary difference, it can be considered a current liability
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 08 January 2009
It will not come under any head in Annexure-1 of Form No. 3CD.
vipin
(CS and CMA )
(30 Points)
Replied 09 January 2009
Deferred tax assets and liabilities should be distinguished from assets and liabilities representing current tax for the period. Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities
There fore you should not show this in the Annexure 1 of tax audit report.
Koneri Balaji
(CHARTERED ACCOUNTANT)
(120 Points)
Replied 09 January 2009
It is a tax liability which comes under Current Liabilities and not part of reserves & surplus
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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