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Deferred tax
06-30-2010, 05:11 PM
Post: #1
Deferred tax
Kindly any one culculate tax base of the following assets

ACCOUNT HEAD ACCOUNTING BASE TAX BASE DIFFERENCE

Fixed assets 33,758,420 33,758,420

Leased Assets 47,600,000 55,430,880 (7,830,880)

TOTAL DIFFERENCE ASSET SIDE 25,927,540

Lease Liabilities 55,430,880 55,430,880 -

TOTAL DIFFERENCE LIABILITY SIDE -

Deferred tax liability @ 35% of Rs. 25,927540= 9,074,639
Deferred tax on surplus of revaluation
of fixed assets @ 35% of Rs. (25,166,648) 8,808,327
Total 17,882,966
Turnover tax unabsorbed -
Net deferred tax liability 17,882,966
Less Opening deferred tax liability (14,381,161)

Deferred tax liability to be accounted for- 3,501,805

I just need Tax Base of Assets, kindly help in this matter or just any one who can told me how to culculate tax base of all the assets. All these figures are taken from financials..

with regards
Irfan...
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