An account mention on company balance sheet that is a result of temporary differences between the company’s accounting and tax carrying values, the anticipated and enacted income tax rate, and estimated taxes payable for the current year.This liability may or may not be realized during any given year, which makes the deferred status appropriate. In simply it is the liabilty tax ttaht never be paid, or is paid at a later date. Large sum with Customs & Excise as items are come under Deferred Tax Liability.