Answer Posted / shanmuk

As per Accounting Standard AS-22deferred Tax Means the
difference between Book Income (Say as per Companies
Act,1956)& Taxable Income (Income Tax Act,1961).Defferd Tax
may leads to Deffered Tax Asset (DTA) or Deffered Tax
Liability (DTL).

Where Book Income More than Taxable Income result in DTL.
Where Book Income Less than Taxable Income result in DTA.

Basic Reasons for Deffer ed Tax :
1.Depreciation is Per Books is Less than as per Income Tax
result in DTL.

1. DTA

DTA ----- Dr XXX
To P/L A/c XXX

2. P/L A/c --- Dr XXX
To DTL --- XXX

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