Meaning of defferred tax

Deffered tax liability (DTL) is the tax which as per accounting treament belongs to this year but per tax provisions it  is paid by you next year .that means you have a libility to pay it next year thats why you are recogning it as liabilty.

Deffered tax asset (DTA) is the tax which as per accounting treament belongs to next year but per tax provisions it  is paid by you this year. that means you dont have to may it next year which is a asset for you thats why you are recogning it as asset.

This nothing but a result of timing difference . say i am claiming an expense in accounts but for tax it is disallowed . resultant difference of tax is DTA

i am claiming low depreciation in accounts but for tax high depreciation is allowed to me . resultant difference in tax is DTL as there willm come time when depreciation in accounts will be more than amount of depreciation as per income tax act.. 

Defer simply means put off (an action or event) to a later time; postpone.  Hence Deferred tax simply means taking into account the effect of postponing of the incidence of tax to a later period.

 When we defer the tax,two things happen either we have saved tax in current year,but will have to pay it in later year/s. Hence it will be a liabilty in future. On the other hand, we have paid excess tax this year,and it will be setoff in subsequent year/s.

The difference in tax payable is due to different incomes according to IT Act and Accounting Standards/Companies Act.

​Hope I am clear.