Provision for income tax

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SRINIVAS (Querist)
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04 April 2014 provision for income tax is created by whom (individuals,companies,firms)? and when(at what time)?
i mean it is compulsory for all assesses.

CA Deven

CA Deven (Expert)
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04 April 2014 Provision for Income Tax is created by all the assessee to prepare its financial statements at the year end

SRINIVAS

SRINIVAS (Querist)
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05 April 2014 thank u sir ......
when provision for income-tax created and when advance tax deducted from provision for incometax

CA Deven

CA Deven (Expert)
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05 April 2014 both are different things one is the item of liability and one is asset. the same can be adjusted only after assessment of that year

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