Computation of total income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2011
In case of pvt. ltd. company.
Whether excess provision of income tax of previous year credited in the current added to the income for computation of total income. It means, if any excess tax provision will be taxed in the next year?
Auditor says like this
Pls. advice / resolve.
Thnx
Whether excess provision of income tax of previous year credited in the current added to the income for computation of total income. It means, if any excess tax provision will be taxed in the next year?
Auditor says like this
Pls. advice / resolve.
Thnx
26 September 2011
Under income tax computation, Always profit before Income tax provision will be considered whether normal calculation or tax calculation u/s.115JB both. so reversing or providing excess provision of income tax will of affect your income tax calculation. even if you debited income tax in p&l while computation will be added back the same
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