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What is deffered tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 May 2013 Sir

Please let me know what is deffered tax and what JV pass in the books of a/c for the same , and how to use deffered tax.

thanks & rgds

mukesh kumar
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Ganeshbabu K

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Ganeshbabu K (Expert)
26 May 2013 Defered tax is the tax effect on timing difference

we arrive for the tax liability for financial year on taxable profit.but such taxable profit may differ from accounting profit.

Generally timing differences arises because of

difference due to rate of depreciation

difference due to method of depreciation

and some expences may disallowed in current year but allowed in subsequent years after payment of tds.

Refer AS22 Accounting for taxes on income for more clarity on this concept
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