![]() But some differences are permanent and cannot be adjusted-penalties charged by tax authorities. ![]() These exemptions either allow total relief from the taxes or provide reduced rates or charge tax on some items only. For example, current period business losses can be claimed in the next period-for tax exemption Tax Exemption Tax-exempt refers to excluding an individual's or corporation's income, property or transaction from the tax liability imposed by the federal, local or state government. Sometimes, these differences are temporary-they can be adjusted with subsequent periods. Source: Deferred Tax ()ĭeferred tax is the gap between income tax payable and income tax recorded. You are free to use this image on your website, templates, etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked The difference results in a surplus or deficit.
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