Which of the following schemes has the smallest scope in terms of income taxation?   Creditable Withholding Tax Capital Gains Taxation Regular Income Taxation Final Income Taxation

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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.