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Is deferred tax 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 estimated tax payable a current liability?
Yes, as tax is paid normally in next fiscal year so it is current liability and shown under current liability section
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is provision for tax is a current liability?
Provision for taxation is current liablity
What happened to deffered tax on winding up of a company. has this amount is paybale to government?
Deferred tax, which is a GAAP accounting concept, and may be either an asset or a liability, would all be settled, either paid with or reduce tax, on the final return.
Is deferred tax 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 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.
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.
Is estimated tax payable a current liability?
Yes, as tax is paid normally in next fiscal year so it is current liability and shown under current liability section
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Is provision for tax is a current liability?
Provision for taxation is current liablity
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
What happened to deffered tax on winding up of a company. has this amount is paybale to government?
Deferred tax, which is a GAAP accounting concept, and may be either an asset or a liability, would all be settled, either paid with or reduce tax, on the final return.
Formula for current liability?
Current Liability = sundry creditor+bank overdraft+ expenses payable+provision for tax,divident
Is Federal Income Tax a current liability?
In personal tax yes. In corporate, ther is both a current and deferredportion
Who impose the ceiling in tax deffered in annuity?
IRS
What is deffered taxation?
Deferred tax is an accounting concept, meaning a future tax liability or asset, resulting from temporary differences between book (accounting) value of assets and liabilities and their tax value, or timing differences between the recognition of gains and losses in financial statements and their recognition in a tax computation
