LearningCat: Income Tax Accounting

Understanding Deferred Tax under Ind AS 12
In the field of financial reporting, deferred tax plays an integral part in assisting businesses to coordinate with tax liabilities with accounting income. Ind AS 12 – Income Taxes offers assistance on identifying, calculating, and showing deferred tax assets and liabilities in financial statements. Deferred tax occurs because of the temporary differences between the carrying […]
Understanding Current Tax under Ind AS 12
Income tax is an essential portion of financial reporting, affecting the net profits of businesses and shaping the purposeful financial planning. Ind AS 12 – Income Taxes sets up the criteria for identifying and measuring and demonstrates income tax in financial statements. A part of the major component of Ind AS 12 is current tax, […]
Difference Between Taxable Income & Accounting Income
Taxable income and accounting income are both essential for any business that aligns with taxes, but they are used for distinct aims and comply with a separate set of regulations. One is related to tax liabilities, and the other is aligned with the financial health of the business. What is Accounting Income? Accounting income can […]