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Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
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Why would one need a deferred tax liability?
Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.
Is Deferred income a current liability?
no
Define deferred tax?
Deferred tax is the future tax liability or assets. It could either be tax liability or tax assets totally depending on the temporary difference which means the difference between book value and tax valued.
Are deferred tax assets current assets?
no
Is deffered tax liability your current liability?
yes
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Why would one need a deferred tax liability?
Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.
Is Deferred income a current liability?
no
Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
Define deferred tax?
Deferred tax is the future tax liability or assets. It could either be tax liability or tax assets totally depending on the temporary difference which means the difference between book value and tax valued.
Is deferred liability a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Is deferred revenue a current liability?
Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.
What is the result of interperiod tax allocation is?
interperiod tax allocation results in a deferred tax liability
If future income tax liability is deferred income tax?
If that is what the amount is that you may owe and that is what you want to call it YES it would be your deferred income tax amount.
Are deferred tax assets current assets?
no
Is deferred income tax current asset?
yes
