Defferred Tax Asset & Liability , Income Tax

[NATHURAM KADAM]

Dear Sir,

My client is Pvt. Ltd. Company and his accounting figure  for the FY 2011-12.

Deffered Tax Assets Op. Bal -  Rs.10489
Preliminary Expenses as per IT Act                 --  Rs. 17160
Depreciation as per Co. Acts                        -- Rs.69722
Depreciation as per IT. Acts                         ----Rs.83370
Book profit as per P & L A/c. --- Rs.2314052 Including STCG Rs.132902 & LTCG Rs.1408209 on share & Dividend Rs. 19000)

Total Income as per Computation                  --- Rs.873200

Tax on total income       --- Rs. 2,49,285 (STCG 20533+Normal tax 228752)

Minimum alternative tax --- Rs. 437316
(on Book Profit 2314052-19000)

What is the amount of Defferred tax asset or Defferred tax liability to be recognized in current year.

And how to pass the journal entries in accounts.

Thanks & Regards

Posts / Replies

[CA GOPALJI AGRAWAL]

Your querry is not disclosing complete facts like preliminary as per it act,then what is the total expenses etc. 

[NATHURAM KADAM]

Prelimery Exps.   ====  Rs.19800 (For Share Capital Increase)
Prelimery Exps.   ====  Rs.66000 (For Share Capital Increase)
                                                  ========
Total Exps.                               85800
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Total Exps. 85800 /5 Years = 17160 (Deduction u/s 35 D of  IT Act 1961.)