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Provision for tax

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(Querist)
19 August 2009 is provision for tax required to be made for a proprietorship concern? thanx
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shanti prakash

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shanti prakash (Expert)
19 August 2009 If the tax liability is more than Rs.10000 from financial year 2009-10 than advance tax is required to be paid otherwise interest will be attracted under section 234B i.e delay in payment of advance tax and Sec 234C i.e deferment in payment of advance tax.
The provision is calculated to know the exact tax liability and to get safeguard from interest liability.
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Manoj

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Manoj (Expert)
20 August 2009 Provision for tax is not required.
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