Deferred Tax Asset and Liability

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Hi everyone a very warm welcome to Skillshort. In this video, we will learn about how to compute, create, and pass journal entries relating to deferred tax assets and liability. Deferred Tax Asset and Liability arises due to the difference between book profit and taxable profit. Book Profit is calculated as per the companies act whereas taxable profit is created as per the income tax act. The difference arises mainly due to the disallowance of certain expenses as per the income tax act, full depreciation allowed as per income tax act in the 1st year of the asset and so on. The difference are of two types one is temporary difference which is capable of being reversed other one is permanent difference which is not capable of reversal such as penalties, fines etc. Deferred Tax Asset and Liability is created due to temporary differences. Deferred tax Liabilty arises when we pay less tax in current year more in future and vice versa in case of deferred tax asset.
پارسال در تاریخ 1401/12/26 منتشر شده است.
6,578 بـار بازدید شده
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