Provision for Income Tax
This query is : Resolved
09 February 2021
SIR
We are the GTA Private Limited company.
(1) During the year 2019-20, We did not pay any advance tax. At the time of finalization of accounts, Can we show the provision for Income tax in Profit and Loss account and under current liability?
(2) Provision for income tax can be shown in current year Balance sheet for next year?
Plz advise me
thanks in adv
We are the GTA Private Limited company.
(1) During the year 2019-20, We did not pay any advance tax. At the time of finalization of accounts, Can we show the provision for Income tax in Profit and Loss account and under current liability?
(2) Provision for income tax can be shown in current year Balance sheet for next year?
Plz advise me
thanks in adv
01 December 2021
Yes to both ........
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