Income Tax Expert Question: Download Income Tax Expert PDF
Please explain explain deferred tax asset?
Answer:
When a firm has overpaid on taxes then the amount is recorded in the balance sheet as deferred asset tax which is also known as provision for future taxation. Deferred tax asset arises when the firm, pays taxes early or have paid excess of tax and is entitled to get some money back from the tax authorities.
| Previous Question | Next Question |
| Tell us who are resident but not ordinary resident? | Do you know what is balanced Capitalization? |