Current Deferred & Payable Income Tax Liabilities

Definition of Current Deferred & Payable Income Tax Liabilities

Income tax payable is a type of account in the current liabilities section of a company's balance sheet comprised of taxes that must be paid to the government within one year. Income tax payable is calculated according to the prevailing tax law in the company's home country. The taxes are calculated on the company's net income according to its corporate tax rate; if a company is due to receive a tax benefit from its revenue agency, the amount of income tax payable will decrease.

Current Deferred & Payable Income Tax Liabilities Details