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
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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.
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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
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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
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