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Provision for tax

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(Querist)
23 December 2013 What is the difference between provision for tax and deferred tax? Is there any provision to setoff provision for tax against deferred tax
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 December 2013 provision for tax is for the tax payable for the current period whereas deferred tax is an accounting entry for reflecting difference in taxable income and income as per accounts due timing difference or permanent differencqe arising due due to difference in tax laws and accounting laws.

I fail to understand the set off query!!
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 December 2013 there is no question of set off as both are different.
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