01-17-2005, 05:34 PM
I have a question in my mind, i would like have opinions from the members.
Suppose company's normal tax liability comes to Rs.400,000/- and Turnover tax is Rs.700,000/-, so it should provide the Minimum tax liability in its accounts.
Now as per ITO 2001 the company can avail the excess of amount over the normal taxation paid up to five years against the normal tax liaiblity. i.e. Rs.300,000/-
My question is whether we can adjust this amount against the deferred tax liability or not?
SMR
Suppose company's normal tax liability comes to Rs.400,000/- and Turnover tax is Rs.700,000/-, so it should provide the Minimum tax liability in its accounts.
Now as per ITO 2001 the company can avail the excess of amount over the normal taxation paid up to five years against the normal tax liaiblity. i.e. Rs.300,000/-
My question is whether we can adjust this amount against the deferred tax liability or not?
SMR
