Deffred tax assets & liablities

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29 March 2013 CAN ANY BODY TELL ME IN SIMPLE LANGUAGE WITH EXAMPLE, DEFERRED TAX ASSETS & LIABLITIES

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 March 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.

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