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Where we use JIT? What is difference b/w prepaid tax and deferred tax.? How an auditor make adjustment in tax accounting when financial year day

Tax Strategies Tax Accounting Tax Law Accounting and Finance
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Question added by HAFIZ MUHAMMAD RIZWAN , Accounts Manager + Auditor , Mahboob Sheikh & Co
Date Posted: 2015/04/28
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Muhammad Daniyal Pervez Muhammad Daniyal Pervez
by Muhammad Daniyal Pervez Muhammad Daniyal Pervez , coordinator , Corporate and Financial Advisors (Pvt) Ltd

We use JIT accounting techniques where the price(s) and raw material(s) are fluctuate continuously. prepaid tax is a foam of Advance tax while deferred tax is refers to that portion of tax which is related to nest period (Financial year) either past or future,   

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