when Deferred Tax Asset & Deferred tax liability arises?
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Answer Posted / minnu
Deffered tax liability means currently you are paying less
amount of tax as per IT but in future you have to pay more
so for this timing difference we have to create a deffered
tax liability in our books of accounts accoding to the
virtual certainty that in future company will earn
sufficient proft to recover it.
for deffererd tax liability the entry will be
Profit & loss a\c dr
To Deffered tax liability
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