Provision for income tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2013 Suppose mr.A has proprietary business of retail shop whether he is required to make provision for income tax if income of retail business is subject to tax audit u/s 44AB. or whether it is his personal liability therefore not to be shown in business accounts.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 December 2013 see personal accounts are not drawn as per any regulations. It is your wish to provide for or not. As per tax audit guidance, in absence of provision, the auditor shall audit the tax paid. Refer page 195 of the Guidance note on tax audit under 44AB issued by ICAI.