What is Deffard Tax Asset and Deffard Tax Laibility,
why it is necessary to make such provisions in balancesheet.
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Defferd tax laibility
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Defered tax Liability is a provision on Future Taxation.
Also we can say defered tax liabilities / assets is the difference between profit as per income tax act and profit as per comanies act.
depereciation is the main reason for differences in differences in profit as per IT act and Comapnies act (due to differences rates of depreciation)
read below article for more details.
/articles/details.asp?mod_id=13385#.T-Gs3JG0Zdg
Refer vignesh kuller article "deferred tax in simple words",just search on google.
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