How do we calculate and report "Deferred Tax" in financial statements? Is it an "Asset" or a "Liability" ?

YES 

IT is an asset on a company's balance sheet that may be used to reduce any subsequent period's income tax expense.

Deferred tax assets can arise due to net loss carryovers, which are only recorded as assets if it is deemed more likely than not that the asset will be used in future fiscal periods

It must be determined that there is more than a50% probability that the company will have positive accounting income in the next fiscal period before the deferred tax asset can be applied

For examlple

if company have12000$ deferred  tax  on its blanace

and then   the company earn30000$ net profit

accounting tax expense will be applied to $18,000 ($30,000 - $12,000), instead of $30,000. 

Are the obligations of the institution is considered a religion it is recorded in the side of Liability