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05 March 2015 provide for personal income tax @ 10% of net profit in excess of Rs50000 means what ? sir.
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CA. Shashi Kumar Gupta

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CA. Shashi Kumar Gupta (Expert)
05 March 2015 It simply means creation of Provision for Income tax as follows-

Provision for Income tax = 10%x(Net Profit-50000).

E.g.- if you have net profit before tax is Rs.170000, then provision would be-
10%xRs.(170000-50000)= Rs.12000

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