What is deffered tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2013
Sir
Please let me know what is deffered tax and what JV pass in the books of a/c for the same , and how to use deffered tax.
thanks & rgds
mukesh kumar
Please let me know what is deffered tax and what JV pass in the books of a/c for the same , and how to use deffered tax.
thanks & rgds
mukesh kumar
26 May 2013
Defered tax is the tax effect on timing difference
we arrive for the tax liability for financial year on taxable profit.but such taxable profit may differ from accounting profit.
Generally timing differences arises because of
difference due to rate of depreciation
difference due to method of depreciation
and some expences may disallowed in current year but allowed in subsequent years after payment of tds.
Refer AS22 Accounting for taxes on income for more clarity on this concept
we arrive for the tax liability for financial year on taxable profit.but such taxable profit may differ from accounting profit.
Generally timing differences arises because of
difference due to rate of depreciation
difference due to method of depreciation
and some expences may disallowed in current year but allowed in subsequent years after payment of tds.
Refer AS22 Accounting for taxes on income for more clarity on this concept
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