Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...


What is deferred Tax, deferred Assets & deferred liability
? What is the procedure to calculate?

Answers were Sorted based on User's Feedback



What is deferred Tax, deferred Assets & deferred liability ? What is the procedure to calculat..

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

What is deferred Tax, deferred Assets & deferred liability ? What is the procedure to calculat..

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

What is deferred Tax, deferred Assets & deferred liability ? What is the procedure to calculat..

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

Post New Answer

More Accounting AllOther Interview Questions

Expand---------BRM

4 Answers  


what is the definition of derivative, what is a security?

3 Answers   Broadridge, Wipro,


asked about project work done in mba

1 Answers   Karvy,


how to prepare Profit and los accounts ?

8 Answers   College School Exams Tests, MLA, Study Overseas,


What is life ?

7 Answers   KPMG,






What is Goodwill? If it is treated as asset in Balancesheet then what is on its opposit side i.e. liability side.

10 Answers   PCE, TCS,


expand S L M

2 Answers  


What is debit side of dividend?

2 Answers   Franklin Templeton,


What is functional area,trading partner in sap fico

0 Answers   IBM,


Why Copyrights,patents,goodwill etc.etc. falls under real account and not nominal or personal account? I know anything which affect trading & Profit & Loss accounts are nominal accounts.And the above do not affect the Trading or P/L accounts but on the other hand they are intangible and neither can they fall under real accounts as Real accounts are those that are not personal and they are tangible. Again in another way if we see, Patents, Copyright ,Goodwill etc. etc. kindoff acts as a representative of a person or a company like in the same way as a Bank or Company name,so they can they not fall under Personal Account??

1 Answers  


what is Calculation of Gross Profit Or Gross Loss?

0 Answers   EDS,


what is Accounting Standers?

0 Answers  


Categories