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Deffed tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 September 2013 Let me know briefly what is mean by Defffered tax liability.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
16 September 2013 Deferred Tax is the difference of tax which is calculated by assesses and by income tax department. If there is difference in two calculation, deferred tax will come to existence. When Deferred Tax will be receivable from Income tax department, it will become outstanding income and it will be shown as asset of company. When Deferred Tax will be payable to income tax department, it will be outstanding expense and it will be shown as liability in balance sheet.

Check out in detail from below link.

https://www.caclubindia.com/experts/income-tax-query-504520.asp#.UVUCABxjUZU
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