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Normally current tax rates are used to calculate deferred tax on the basis that they are a reasonable approximation of future tax rates and that it would be too unreliable to estimate future tax rates.
Difference between current tax and deferred tax with example. However deferred tax can also apply in the opposite sense. Deferred tax typically refers to liabilities wherein the amount entered on the balance sheet is payable at a future time. CU 10 000 030 CU 3 000.
Thus the Company will record deferred tax assets DTA in the balance sheet. Example of a deferred tax liability. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
New provision in 20X5 of CU 2 500. The deferred tax adjustment ensures that the accounting profits show a 30 tax charge. The amount of tax that is delayed can be calculated easily by multiplying temporary difference with tax rate.
Net is off and you get the net deferred tax. Accounting depreciation of 85 000. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
In short entitys books calculated higher tax liability but as actual payment is lesser the remainder of the tax liability is deferred thus creating deferred tax liability. Deferred tax expense related to PPE is coming from your actual current income tax calculation. Tax depreciation of 103 000.
Deferred Tax Asset is calculated using the formula given below. As per the supposition depreciation recorded in the companys income statement is Rs. Example Calculating deferred tax.
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