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deffered tax liability and asset

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(Querist)
08 April 2008 sir,

i want to know that how can i ascertain that for financial year it is deffered asset or liability.

please explain that with a practical example so can i understand it easily.

thanks sir
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MANAS ROUT

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MANAS ROUT (Expert)
08 April 2008 if the taxable income as per it act is more as compare to accounting income and you are pay now more tax it will be refererred in future you have to treat as defferred tax asset.
if the taxable income as per it act is less as compare to accounting income and you are paying less tax you have to pay more tax in future it is deffer tax liability.
for detail see the accounting standard 22 in MP VIJAY KUMAR BOOK.
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