Deffered Tax Asset & Deffered Tax Liability., Accounting - Auditing

[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)

Prelimery Exps.   ====  Rs. 19800 (For Share Capital Increase)
Prelimery Exps.   ====  Rs. 66000 (For Share Capital Increase)
                                                  ========
Total Exps.                               85800
                                                  ========

Total Exps. 85800 /5 Years = 17160 (Deduction u/s 35 D of I. T.)

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

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