Answer Posted / h.r. sreepada bhagi
Deferred Tax liability is tax that may have to be paid in
future on a/c of excess of book profit over profit arrived
at as per the provisions of Income Tax Act. 1961. Deferred
Tax asset is due to excess of profit as per Income Tax
computation over Book Profit.
One reason of this is difference in the amount of
depreciation on Fixed Assets calculated as per the Income
Tax Act, 1961 & the Companies Act, 1956. Deferred Tax Asset
& Liability can be set-off as per the provisions of the
Income Tax Act.
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