What is the difference between a deferred tax asset and a deferred tax liability? Explain the difference between...

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Accounting

What is the differencebetween a deferred tax asset and a deferred tax liability?
Explain the differencebetween a permanent difference and a timing (or temporary)difference as related to tax and financial accounting, and howthose differences relate to deferred tax assets and deferred taxliabilities

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Deferred tax is Tax expense calculated on Timing difference based on rates enacted by Law in force Deferred Tax Assets Whenever in any future period an item which shall accrue benefits to us by reducing our taxable income are known as Deferred Tax assets Deferred Tax Liability Whenever in any future period we shall be paying tax or anybtransaction causing increase in taxable income of future period are known as Deferred Tax liability Timing Differences are difference between accounting income calculated as per US GAAP or IFRS and See Answer

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