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Home » Blog » Recognition, Measurement, and Presentation of Deferred Tax as per Ind AS 12

Recognition, Measurement, and Presentation of Deferred Tax as per Ind AS 12

  • Account & Audit|Blog|News|
  • < 1 minute
  • By Taxmann
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  • Last Updated on 26 April, 2022

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Deferred Tax as per Ind AS 12;

Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences, the carry forward of unused tax losses, and the carry forward of unused tax credits.

The following steps are to be followed in the recognition, measurement, and presentation of Deferred Tax Liabilities or Assets:

1. Computation of the carrying amounts of assets & liabilities in the books of accounts

2. Computation of tax base

3. Computation of temporary differences

4. Classification of temporary differences into Taxable temporary difference or Deductible temporary difference

5. Identification of Exceptions

6. Assessment of deductible temporary differences, tax losses, and tax credits

7. Determination of tax rate

8. Calculation and recognition of deferred tax

9. Accounting of deferred tax

10. Offsetting of deferred tax liabilities and deferred tax assets

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on April 26, 2022Categories Account & Audit, Blog, News

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