Deferred tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2013
pl. explain me deferred tax.
do we pay deferred tax amount to bank
pl. explain
Reg
do we pay deferred tax amount to bank
pl. explain
Reg
19 June 2013
Deferred tax arise due to timing difference (such as difference of depreciation rate under IT Act & Companies Act) or due to permanent difference (such as expenses allowed in companies act but not allowed in IT Act). For more, plz go through AS-22.
It is just an accounting entry you need not deposit Deferred tax to the account of central govt.
It is just an accounting entry you need not deposit Deferred tax to the account of central govt.
19 June 2013
deffered tax liability or assets is diff. of exp.claim in income tax and in our books
for expample some exp calim in books
but some part of exp. may disallowd in income tax . then tax liability is diff under income tax act and in books.
secondly depreciation method and rate of depreciatin in also diff under both act.
deffered tax liability in mandatory under law.
and it set off in future
for expample some exp calim in books
but some part of exp. may disallowd in income tax . then tax liability is diff under income tax act and in books.
secondly depreciation method and rate of depreciatin in also diff under both act.
deffered tax liability in mandatory under law.
and it set off in future
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