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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2011
what is meant by deffered tax?
11 October 2011
Deferred tax is an accounting concept meaning a future tax liability or asset, resulting from timing differences between the accounting value of assets and liabilities and their value for tax purposes.
11 October 2011
DTA arises because of Different treatments in:
Companies and Income Tax Act.
E.g
Dep. rate P&M as per IT Act :15%
Companies Act :13.91%
P&M Cost 100000
Co. Act EXp. Allowed : 13910
Income Tax : 15000
It means we are claiming less in our book (Companies Act)in comparison of what we are getting ( Income Tax)
(15000-13910)*30%---Tax rate (30+education cess
+ surcharge)
The resultant amount will be DTA
DTA arises because of Different treatments in:
Companies and Income Tax Act.
E.g
Dep. rate P&M as per IT Act :15%
Companies Act :13.91%
P&M Cost 100000
Co. Act EXp. Allowed : 13910
Income Tax : 15000
It means we are claiming less in our book (Companies Act)in comparison of what we are getting ( Income Tax)
(15000-13910)*30%---Tax rate (30+education cess
+ surcharge)
The resultant amount will be DTA
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