01-28-2005, 04:25 PM
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sorry chanddu,
Actually I am preparing for taxation now a dayz thatz y I pulled ur original post towards taxation...
But your original post was confusing...because u have talked about minimum and normal tax liability...and minimum and normal tax liability are the terms which relates to Tax Laws...Because You ll never see the word normal tax or minimum tax in the financial statments..."provision for taxation"...or "taxation" are used...and provision for taxtion is never adjusted against deferred taxation....
so in financial statements "normal tax or minimum tax" cannot be adusted against deferred tax...
Take carez
Ace<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
I am talking about the practical approach, dear.
Who says that the minimum tax or tax payable under normal rules cannot be seen in the financial statements, just pick up financial statements of any listed company, go to the taxation note and have a look at the 'Relationship / reconciliaiton b/w accounting income and tax expense' you will find the same, that reconciliation is the requirement of IAS 12.
Btw, have u finalized any listed company?? I mean are u doing articles????
SMR
sorry chanddu,
Actually I am preparing for taxation now a dayz thatz y I pulled ur original post towards taxation...
But your original post was confusing...because u have talked about minimum and normal tax liability...and minimum and normal tax liability are the terms which relates to Tax Laws...Because You ll never see the word normal tax or minimum tax in the financial statments..."provision for taxation"...or "taxation" are used...and provision for taxtion is never adjusted against deferred taxation....
so in financial statements "normal tax or minimum tax" cannot be adusted against deferred tax...
Take carez
Ace<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
I am talking about the practical approach, dear.
Who says that the minimum tax or tax payable under normal rules cannot be seen in the financial statements, just pick up financial statements of any listed company, go to the taxation note and have a look at the 'Relationship / reconciliaiton b/w accounting income and tax expense' you will find the same, that reconciliation is the requirement of IAS 12.
Btw, have u finalized any listed company?? I mean are u doing articles????
SMR
