difference between provision and provisio

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madhur gupta

madhur gupta (Querist)

12 December 2008 hello experts
plz let me know the difference between provision and provisio?
thankx

Ravikumar.G

Ravikumar.G (Expert)

13 December 2008 Provision: A present obligation which satisfies the rest of the definition of a liability, even if the amount of the obligation has to be estimated

Ravikumar.G

Ravikumar.G (Expert)

13 December 2008 proviso:
A conditional provision to an agreement

Arpit Shah

Arpit Shah (Expert)

23 January 2016 Provision:- The term 'Provision' is the legal statement
proving for something or we can say rules and relulations
to which we have to apply as per law.

Proviso:- The term 'Proviso' is the some conditions or
restrictions on provision.

For Example:- In Advance Tax, refrence to section 234c of
Income Tax Act, 1961 the provision is that if it is a
deferment of advance tax beyond due date then interest
would be 1% per month for a period of 3 months for every
deferment whenever proviso is that if any income from
capital gain and income from lottery arises after the due
date for any installment then tax payable on such income
should be paid in remaining installment without payment of
any interest.

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