DEFERRED TAX LIABILITY ON CREATION OF SPECIAL RESERVE UNDER SECTION 36(1)(viii) OF THE INCOME TAX ACT, 1961

DEFERRED TAX LIABILITY ON CREATION OF SPECIAL RESERVE UNDER SECTION 36(1)(viii) OF THE INCOME TAX ACT, 1961 https://www.taxtmi.com/circulars?id=52602 Banks must recognise a deferred tax liability on the Special Reserve created under Section 36(1)(viii) per Accounting Standard 22. Unrecorded DTL as at March 31, 2013 may be adjusted directly from Reserves with disclosure in the 2013-14 Notes to Accounts. From the year ending March 31, 2014, DTL on amounts transferred to the Special Reserve should be charged to the Profit and Loss Account. The entire Special Reserve may be reckoned for computing Tier-I capital. en-us Fri, 20 Dec 2013 00:00:00 +0530 Sat, 21 Dec 2013 14:14:00 +0530 TaxTMI RSS Generator DEFERRED TAX LIABILITY ON CREATION OF SPECIAL RESERVE UNDER SECTION 36(1)(viii) OF THE INCOME TAX ACT, 1961 https://www.taxtmi.com/circulars?id=52602 Banks must recognise a deferred tax liability on the Special Reserve created under Section 36(1)(viii) per Accounting Standard 22. Unrecorded DTL as at March 31, 2013 may be adjusted directly from Reserves with disclosure in the 2013-14 Notes to Accounts. From the year ending March 31, 2014, DTL on amounts transferred to the Special Reserve should be charged to the Profit and Loss Account. The entire Special Reserve may be reckoned for computing Tier-I capital. Circulars Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52602