provision for income tax
This query is : Resolved
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
12 January 2011
yes. Income tax provision can be made. presently ar rate 30%
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
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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