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Accounting path

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3145 Points Joined November 2020
what is mean by deferred tax liability and deferred tax assets? give some clear explanation
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On 10 May 2022 at 07:58 Report
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CFO- at NHTF
58280 Points Joined August 2012
Deferred Tax Araise due to time difference between accounting income and Taxable Income.

Example depreciation rates are different in companies act and income tax act .

Few expenses in income tax allowed only on payment of Tds where as in accounts expenses without tds also considered
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On 10 May 2022 at 08:16
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3145 Points Joined November 2020
Deferred tax assets means?
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On 10 May 2022 at 08:18
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CFO- at NHTF
58280 Points Joined August 2012
Time differences which reduces the taxable income can cause differed tax asset.

Timing difference*31.2% = Differed Tax
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On 10 May 2022 at 08:21
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3145 Points Joined November 2020
Deferred tax liability is a payable in future and deferred tax assets is a advance paying for future credits ? IAM I correct
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On 10 May 2022 at 08:38
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CFO- at NHTF
58280 Points Joined August 2012
Balance sheet may reflect a deferred tax asset if it has prepaid its taxes.

So tax will be less in the future to this extent
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On 10 May 2022 at 08:43

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