P30,000 70,000 40,000 10,000 Advances for future services to be rendered Collections for past services rendered Reimbursements for client expenses Reimbursement for out-of-pocket expenses How much will be included in Bong's gross income for regular income tax purposes?

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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.