What is deferred Tax, deferred Assets & deferred liability
? What is the procedure to calculate?
- 3 Answers
- 10731 Views
- George Group, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / amit banerjee
Deferred tax liability arises if the value of the asset
after depreciation in books of accounts is MORE than the
value of asset where depreciation is done as per income tax
act.Reverse is thae case of deferred tax asset.
| Is This Answer Correct ? | 28 Yes | 6 No |
Answer / manish
Deferred Taxes arises due to temporary difference that
arises between profits under tax books and profits under
accounting books. They can either be as asset or a
liability.
A deferred tax asset arises when the tax paid as per tax
laws id more when compared to the tax charged in the books
of accounts. This is because the company would be able to
offset its future tax obligations since they have paid more
in the current period.
Vice versa a deferred tax liability arises when the tax
paid under the tax laws is lower when compared to the tax
charged in the accounting books. The company would be
having an obligations of paying more taxes in coming years
in this case.
| Is This Answer Correct ? | 17 Yes | 2 No |
Answer / anupama
defered tax means temporary differences b\w the amounts as
per account books and as per tax books arises defered tax
defered tax assets means if the amount as per account books
less than as per tax books that is called defered tax assets
defered tax liabilities means if the amounts as per account
books is more than the tax books is called defered tax
liabilities.
| Is This Answer Correct ? | 15 Yes | 4 No |
what is ZBA hold & balance hold in banking?
what is the concept of finance accounting?
define current assets? asked on 30/7/09
I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK
what are the type of t.d.s. entries ?
what is meant by spin off?
what is working capital in what way it is useful for company or orgainzation
Expand---------GMT
how an accountant can do budgetery controls of expenses?
Hi friends, can you please send me GENPACT's Accounts Test Questions. Thanks in advance.
What is compensation theorem?
plz send me hsbs finance questions asked in the interview ans appitude also
Audit 
