Deferred tax
This query is : Resolved
09 August 2012
Hi Experts,
can anyone explain me in simple terms what is deferred tax asset and liability and why should be show that in balance sheet.
many thanks
Prachi
can anyone explain me in simple terms what is deferred tax asset and liability and why should be show that in balance sheet.
many thanks
Prachi
Amol S Joglekar
(Expert)
09 August 2012
please refer to article presented by Vignesh on this site on 21 mar 2012
Message likes :
1 times
CA Ayush Agarwal
(Expert)
09 August 2012
Please Read With AS-22, You Will Get Benefited.
In Short -
Difference Between Accouting Income & Taxation Income - That We are Going to Pay/Receive from Income Tax Department is Liability/Asset Respectively.
In Short -
Difference Between Accouting Income & Taxation Income - That We are Going to Pay/Receive from Income Tax Department is Liability/Asset Respectively.
CA Navin Jain
(Expert)
09 August 2012
In simple words, if INCOME TAX IS MORE THAN OF TAX CALCULATING ON BOOK PROFIT THEN ITS CALLED DEFERRED ASSETS ABD VISE A VERSHA.
Message likes :
1 times
CA BHARATH KUMAR
(Expert)
09 August 2012
CA navin jain is correct . Deferred tax means timing diference between Book Income and Taxable income in Depreciation
Message likes :
1 times
CA Ayush Agarwal
(Expert)
10 August 2012
The Word "Book Profit" is Not to Be Used...
Here Difference Between Accounting Income & IT Income.
Book Profit Word Used for sec 115JB Only in Income Tax Act.
Book Profit is Defined in Sec 115JB.
But in AS-22, No Where Word Book Profit is Used.
Regards,
CA Ayush Agrawal
Here Difference Between Accounting Income & IT Income.
Book Profit Word Used for sec 115JB Only in Income Tax Act.
Book Profit is Defined in Sec 115JB.
But in AS-22, No Where Word Book Profit is Used.
Regards,
CA Ayush Agrawal
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- 18% Rent a cab
- Rectification under processing even after 6 months cpc portal
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Closer of business and itc of capital goods
- ARCA LOGIN
- Import of Capital Machine
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
