Deferred tax liablility

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

https://en.wikipedia.org/wiki/Deferred_tax

Go through the Accounting Standard-22 issued by icai.