The following particulars are stated in the Balance Sheet of Star Limited as on 31st March, 2023: Deferred Tax Assets (Dr.) ₹1,20,000 Deferred Tax Liabilities (Cr.) ₹2,10,000 The following transactions were reported during the year 2023-24: 1. Depreciation as per accounting records ₹12,00,000 2. Depreciation as per income tax records ₹18,00,000 3. Interest paid accounted in books on accrual basis but paid on 15-05-2024 ₹4,50,000 4. Employer PF Contribution exp. disallowed for tax purpose in year 2022-23 but allowed in year 2023-24 ₹82,000 5. Unamortized preliminary expenses as per tax records ₹1,00,000 6. Donation ₹70,000 7. Tax Rate 20% Based on the information given in above Case Scenario, answer the following Question No. 5-8
Sub-questions (4)
What would be the value of the Deferred Tax Assets as on 31-03-2024?
(A) ₹1,52,000
(B) ₹3,30,000
(C) ₹1,23,600
(D) ₹4,50,000
What would be the value of the Deferred Tax Liabilities as on 31-03-2024?
(A) ₹1,23,600
(B) ₹3,30,000
(C) ₹1,52,000
(D) ₹1,20,000
What would be the value of reversal of Deferred Tax Assets as on 31-03-2024?
(A) ₹20,000
(B) ₹1,04,000
(C) ₹16,400
(D) ₹90,000
Which is the permanent difference item as per AS 22?
(A) Employer PF Contribution exp.
(B) Donation
(C) Unamortized preliminary expenses
(D) Depreciation