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
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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