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+--- Thread: Deferred Tax (/showthread.php?tid=7761)
Deferred Tax - umar_khi08@yahoo.com - 04-06-2010
Hellow All!
I am Umar, PIPFA (fINALIST), I WANT TO ASK ABOUT DEFERRED TAX WORKING EXAMPLES, PLEASE PROVIDE ME THE SAME I REQUIRED FOR CLEARING MY CONCEPT.
THANKS.
MUHAMMAD UMAR
- Sheraz Ahmad - 04-10-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br />Hellow All!
I am Umar, PIPFA (fINALIST), I WANT TO ASK ABOUT DEFERRED TAX WORKING EXAMPLES, PLEASE PROVIDE ME THE SAME I REQUIRED FOR CLEARING MY CONCEPT.
THANKS.
MUHAMMAD UMAR
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
General Journal Aur Bank Payment Voucher
__________________________________________________________
<font color="blue"><b> M/s ABC Company (Dr) 50,000
Income Tax Payable U/s 153 (Cr) 1,750
By Meezan Bank Ltd (Cr) 48,250</b></font id="blue">
__________________________________________________________
This Withheld I/Tax Amount Must be Deposited in Govt Treasury with in a Week as per the following entry
__________________________________________________________
<font color="blue"><b>Income Tax Payable U/s 153 (Dr) 1,750
National Bank Of Pak (Cr) 1,750</b></font id="blue">
__________________________________________________________
Mr. Umar
I Hope U Will Fully Understand.I will Glad to see any reply from u.
- Star - 04-13-2010
Sorry to say dear, the above enteries are for withholding tax not for deferred tax.
Regards,
*
- awaisaftab - 04-13-2010
Star you are right
- kamranACA - 04-14-2010
Star
You got the certification!
Regards,
- Ali RAZA - 04-14-2010
i dont why kamran direclty or indirectly attack on awaisaftab... why?? what is the reason behind this??
- Star - 04-14-2010
Umar,
Deferred tax is an extensive topic, i think you need to study IAS-12 first and then discuss your queries here which would be replied.
However, for quick understanding, please follow this link you will find a presentation of "Deferred Tax" by Ms. Tahmeen Ahemd and would be helpful for you.
http//www.icap.org.pk/web/links/0/smpworkshops.php
Regards,
*
- kamranACA - 04-14-2010
Ali Raza
I only appreciated the achievement of Star.
It's not an attack.
Regards,
KAMRAN.
- Abuzar Qazi - 04-20-2010
In my Opinion for the proper application and understanding of deferred taxation one should go through section 21 namely deductions not allowed of the Income tax ordinance as it will let u know at what items the difference between the accounting and tax base could arise......
- umar_khi08@yahoo.com - 04-20-2010
Thanx STAR,
From your best support by link of ICAP. Alhumdulillah my concept approx. clear.
thanx for all buddy for support and provide best knowledge.
- awaisaftab - 04-20-2010
Although at professional level the study of IAS/IFRS is highly recomended but in my opinion Intermediate Accounting is also a good book for making concept regarding deferred tax.
Regards,
Awais Aftab