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now let us see what happens if there is a change in tax rates if tax rates change then do you think that there will be any change in the deferred tax assets and deferred tax liabilities that have been reported if yes then how much and how this will be incorporated so we will discuss all of these now let us take an example and we go back to an asset which has a carrying value of 900 and lets say the tax base is 600 and we assume that the original tax rate was forty percent and the new tax rate is thirty percent so what will be the effect on the deferred tax assets and liabilities so lets take this case where the liability is created since this is an asset and the carrying value is 900 + tax base is 600 we have seen earlier that the deferred tax liability can be calculated as carrying value minus tax base x the tax rate so this will come out to be nine hundred minus 600 x 40 percent so this is 300 into forty percent we have seen that earlier this comes equal to 120 as the deferred tax