What is general entries for Deffered Tax?
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Answer / Ashok Kumar Gautam
Deferred tax refers to taxes that are recognized but not payable (or refundable) in the current reporting period. Common entries under deferred taxes include:
1. Deferred tax assets (DTAs) - representing tax savings that a company expects to realize in future periods due to temporary differences between the financial statements and tax base.
2. Deferred tax liabilities (DTLs) - representing additional tax payments that a company expects to make in future periods due to temporary differences between the financial statements and tax base.
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