What is deferred tax asset or libility ? please help with
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Answer Posted / tejas birajdar
Below are the Taxes of Asset & liability side of BS
Tax assets are includes TDS receivable, VAT paid & Advance
tax
Tax liablities are - ESI collected, PF collected, PT
collected, VAT collected & TDS collected
If we paid advance tax & at the end of the year we found
the income tax is paid more than the actual liablity it
appeares to our BS as Tax asset.
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