Difference between
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2015
what is difference between Timing difference and permanent difference please give example also. while computing tax
23 July 2015
timing difference happens when a particular expense is permitted in income tax in one financial year and in books of accounts in another financial year...for eg: depreciation..because of difference in depreciation rates, there are variation but at the end of the day whole of the deprecation is allowed. so its a timing difference
where as some expenses/income may be allowed in income tax and not allowed at all in books of accounts or vice-versa. such differences are permanent difference. this could difference like dividend incomes that are exempt in income-tax but included in incomes in profit & loss account.
where as some expenses/income may be allowed in income tax and not allowed at all in books of accounts or vice-versa. such differences are permanent difference. this could difference like dividend incomes that are exempt in income-tax but included in incomes in profit & loss account.
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