Tax libility
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2013
Hi,
want to know what is a deferred tax libilty and how it calculated.
Thanks..
want to know what is a deferred tax libilty and how it calculated.
Thanks..
21 October 2013
REFER BELOW ARTICLE,, IT WILL GIVE YOU GOOD IDEA ON THIS CONCEPT
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https://www.caclubindia.com/articles/meaning-of-deferred-tax-liability-asset-in-simple-words-13385.asp#.UmU0qPmnq3g
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https://www.caclubindia.com/articles/meaning-of-deferred-tax-liability-asset-in-simple-words-13385.asp#.UmU0qPmnq3g
21 October 2013
A deferred tax liability occurs when taxable income is smaller than the income reported on the income statements. This is a result of the accounting difference of certain income and expense accounts. This is only a temporary difference.
The most common reason behind deferred tax liability is the use of different depreciation methods for financial reporting.
A deferred tax asset is the opposite of a deferred tax liability.
Deferred tax assets are reductions in future taxes payable, because the company has already paid the taxes on book income to be recognized in the future (like a prepaid tax).
However go thru the link provided by Expert for the complete guidance...
The most common reason behind deferred tax liability is the use of different depreciation methods for financial reporting.
A deferred tax asset is the opposite of a deferred tax liability.
Deferred tax assets are reductions in future taxes payable, because the company has already paid the taxes on book income to be recognized in the future (like a prepaid tax).
However go thru the link provided by Expert for the complete guidance...
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