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provision for income tax

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(Querist)
12 January 2011 whether provision for income tax can be made in the books of accout of a private ltd. company & acceptable for income tax purpose?and at what rate?please respond it as soon as possible
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
12 January 2011 yes. Income tax provision can be made. presently ar rate 30%
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
13 January 2011 provision for income tax should be made in the books of account of a private ltd. company at applicative rate 30+ Surcharge (if any)+ EC @2 % + SHEC @1%
but it is not deductible under IT Act for income tax purpose as per sec 40(a) and will give rise to deferred Assets. I will suggest you to follow AS-22
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