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of <h1>Banks Must Create Deferred Tax Liability on Special Reserve Per Section 36(1)(viii) of Income Tax Act.</h1> Banks are advised to create a deferred tax liability (DTL) on the Special Reserve under Section 36(1)(viii) of the Income Tax Act, 1961, as per Accounting Standard 22. Despite some banks' intentions not to withdraw from the Special Reserve, DTL should still be created as a prudent measure. If the DTL for the Special Reserve as of March 31, 2013, is not fully charged to the Profit and Loss account, banks may adjust it directly from Reserves, disclosing it in the financial statements for 2013-14. From March 31, 2014, onwards, DTL should be charged to the Profit and Loss Account.
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