Recently came accross a term: deferred tax liability. just wanted to know what is DEFERRED TAX LIABILITY?, why / how is arises?, and how it can be accounted in the books?
Thanks in advance.
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Deferred tax liablility
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In general it is the difference between ur Fixed assets value as per company act and income tax act,,
and disallowed expenditures debited in p&l
As you in in case of parternership firms and prop. firms there is no deffered tax liability because in books also income tax act rules follows.
But Deffered tax liability has much wider concept
and it could be ur deffered tax assets also
Good with ankur. I learned it from WIKI
Go through the Accounting Standard-22 issued by icai.
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