Defferred tax laibility
This query is : Resolved
18 August 2012
what is deferred tax liability and is it mandatory to show in balance sheet
18 August 2012
Deferred tax liability arise due the difference between profit as per books of accounts & profit as income tax.
Main difference is due to depreciation.
Main difference is due to depreciation.
18 August 2012
Its mandatory to shown deferred tax liability or assest as separate line of item as per Schedule VI
18 August 2012
For detailed understanding of the concept, you can go through AS 22.
18 August 2012
Deferred tax liablility/asset is created and shown in the balance sheet only if there is reasonable certainty that it will get reversed in the future years.
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