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what is mean by differed tax?
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Answer / om. maliya
deferred tax is difference between two depreciation
schedule one is according to companies act. and as per
Income tax act. and always charged in P & L Appropreciation
account and effect to computation of Income of a Company.
| Is This Answer Correct ? | 17 Yes | 3 No |
Answer / prasanna
By deferring taxes on the returns of an investment, the
investor benefits in two ways. The first benefit is tax-
free growth: instead of paying tax on the returns of an
investment, tax is paid only at a later date, leaving the
investment to grow unhindered. The second benefit of tax
deferral is that investments are usually made when a person
is earning higher income and is taxed at a higher tax rate.
Withdrawals are made from an investment account when a
person is earning little or no income and is taxed at a
lower rate.
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / deviyal
Deferred tax is tax impact during a financial year due to
timing difference.
| Is This Answer Correct ? | 2 Yes | 2 No |
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WHAT IS THE MANAGEMENT ?
Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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