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If Deferred Tax Liabilty Was Wrongly Recorded As Asset In The Earlie Year How To Correct The Same In Cur Year?
Question by natasha_s001 | Posted in India
In the earlier year there was a deferred tax liabilty but a foul entry was made .i.e instead of crediting deferred tax liabilty P&l was wrongly credited and deferred tax asset was settled a debit. now in the current year again there is a DTL . so should an error made by debiting DTA correct in the
Answer: Though VK has preordained the right answer but this will distort the picture. It will be a good practice to give proper disclosure about the misstep made in last year through notes to accounts as well. Please check if accounting standard supports such disclosure as "earlier period item" as
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How Does Depreciation Create Deferred Tax Asset?
Question by jackie_vora | Posted in United States
I thinking depreciation only creates deferred tax liability but want to know how it creates deferred tax asset?
One Untangle justify would be great?
Thank You
Also how does sale of an asset create deferred tax asset?
Please explain in very terms? My
Answer: Whether something creates a tax asset or accountability is purely based on timing.
If the tax benefit is taken faster than for book, you have a later tax liability. The opposite is true for creating a deferred tax asset.
To answer your question on depreciation, it is credible.
Why Would Choosing A Shorter Asset Life Cause A Greater Deduction On Your Tax Return?
Question by Kelly K | Posted in United States
I occupation in the tax department but I have a background in accounting and i"m wondering why from a tax standpoint lowering the asset soul would be beneficial. I know that this would cause a greater deduction but how exactly does this decline taxable income.
Answer: If you abbreviate the asset life, then this will cause a bigger deduction. A bigger tax deduction will decrease taxable revenues.
For example: You determine Asset A has useful life of 10 years, and Cost $10,000. If you derogate using straight line method then you would deduct $1,000
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