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| *Loan,banking and credit>>>deferred tax |
Deferred Tax Assets and Deferred Tax liability- Meaning of....? |
Please explain the meaning of the above two terms in detail . An answer with a concrete example will be appreciated. Thanks..................... Deferred tax benefits and liabilities basically arise from the difference in treatment of certain items like depreciation, for accounting and tax purposes. It is an extremely complex subject. I suggest you take your time to digest each of the following sections in this topic. Just click on the link to assess the sections. Contents What is tax accounting? Tax accounting 鈥?the process Recognition of current income tax expense Determine the tax base of assets and liabilities Calculate temporary differences Identify temporary differences that are not recognised Review deductible temporary differences and unused tax losses Determine appropriate tax rates Determine movement in deferred tax balances Subsequent recognition Subsequent measurement Presentation Disclosure Source(s): http://www.pwc.com/extweb/service.nsf/do... |
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