Provision for income tax
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.
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.
24 December 2013
There is no statutory need of making prov for income tax as such.
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