01-18-2005, 06:15 PM
Hi,
The excess amount of tax (if turnover tax is more than normal tax) can be carried forward for adjustment against the normal tax liability of "suceeding tax years"....
Deferred tax is also a part of that normal tax liability...so the excess amount of turnover tax can be adjusted against deferred tax of future years...
Another thing, I have never read the word "deferred tax" in ITO 2001...Have u?
Ace
The excess amount of tax (if turnover tax is more than normal tax) can be carried forward for adjustment against the normal tax liability of "suceeding tax years"....
Deferred tax is also a part of that normal tax liability...so the excess amount of turnover tax can be adjusted against deferred tax of future years...
Another thing, I have never read the word "deferred tax" in ITO 2001...Have u?
Ace
