Hw.148. Income tax is levied on all of the following taxable items except:     Wages     Interest and dividends from moeny invested     Sales tax     Capital gains from sales of investments

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.