LIVE GST Audit Course by CA Sachin Jain. Register Now!!

Easy Office

LCI Learning

Deferred tax

H S Rajashree (MBA in Finance) (221 Points)

04 February 2008

Can anybody throw some light on deferred tax.

To keep it simple, if accounting pr > IT profit, it is DTL and if accounting pr < IT profit, it is DTA.

Rgds

Rajashree

Reply
Follow
Share

8 Replies

kaushal (w) (545 Points)
Replied 04 February 2008

u can go other way roung too accounting tax> income tax paid then DTL other wise DTA

harinath (student) (229 Points)
Replied 04 February 2008

net income before tax is called accounting income. tax collected on this income is tax expense. on the other hand, the income to the extent the IT authorities takes into consideration is called taxable income. tax calculated on such income is called current tax. the difference between tax expense & current tax is called deferred tax. this is timing difference only. if tax expense is more than current tax... that is deferred tax liability (DTL). (for example, if our expense is not fully/partly paid it is outstanding expense which is nothing but a liability. so as the case with tax also, here we call it as DTL. the contrast to the above is deferred tax asset.

harinath (student) (229 Points)
Replied 04 February 2008

net income before tax is called accounting income. tax collected on this income is tax expense. on the other hand, the income to the extent the IT authorities takes into consideration is called taxable income. tax calculated on such income is called current tax. the difference between tax expense & current tax is called deferred tax. this is timing difference only. if tax expense is more than current tax... that is deferred tax liability (DTL). (for example, if our expense is not fully/partly paid it is outstanding expense which is nothing but a liability. so as the case with tax also, here we call it as DTL. the contrast to the above is deferred tax asset.

Raghavendra K S (CA) (22 Points)
Replied 19 June 2008

Give me the information about deferred tax.

(Guest)

can anyone help me by briefing on Deferred tax asset. How is it accounted

(Guest)

Originally posted by :Guest
"	Give me the information about deferred tax.	"

(Guest)

hi

rajesh singh (auditor) (23 Points)
Replied 05 September 2009

Join CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

Live Course On Gst Audit Finalization & Revenue Finding Techniques - Analytical Session For Gst Officers & Staff

Sachin Jain

Enroll Now

05 May 2024
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024
5th Live Batch for Basic and Advanced MS Excel

CA Vishal Zawar

Enroll Now

20 May 2024

view all classess

CCI Pro

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings