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Deferred Tax Assets

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(Querist)
22 October 2010 Dear all,

Please provide me detail of deferred tax assets & liablities with journal entries. Closing balance of one year will be carried forward as opening balance in case of deferred tax assets.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
22 October 2010 Deffered tax assets is recognised for temporary difference that will result in deductible amount in future years and for carry forward.For example- a temporary diff. is created between the reported amount and the tax basis of liability for estimated exp. as for tax purpose, those estimated exp are not deductioble untill a future year.

Same way deffered tax liabilty is reverse of deffred tax assets. i.i. temporary diff that will result in taxable amount in future years.

Yes , It will carry forward in next years.
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ravi

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ravi (Querist)
22 October 2010 thanks sir..........but still have doubt....kindly explain with journal entries
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ravi

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ravi (Querist)
25 October 2010 kindly reply it.......
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