Provision for tax
This query is : Resolved
22 September 2010
Respected Experts
Is it correct to show Provision for tax equal to the amount of Tax Payable and Interest u/s 234A & 234B instead of showing interest payable seperately in P&L as an expense?
How it would be disclose in Statement of Income?
Is it correct to show Provision for tax equal to the amount of Tax Payable and Interest u/s 234A & 234B instead of showing interest payable seperately in P&L as an expense?
How it would be disclose in Statement of Income?
22 September 2010
Provision for taxation is to be made for income tax plus surcharge (if applicablea)plus cess plus secondary and higher eduction cess. Thus the gross amount should be shown in P & L as well as in B/S.
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22 September 2010
provision of income tax also included interest u/s 234.you can not disclose interest payable as expenses in p&l a/c. Provision of income tax must be disclosed under the line of p&l A/c
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22 September 2010
more clarity required....... disclosure has been made as answered by Mr.Navin Jain
22 September 2010
Second line of the query is overlooked .
Observation of Navin Ji is undoubtedly correct meaning thereby provision is to be made for IT + SC+ CESS+ SHE CESS + 234 interest.
Error is honestly regretted.
Observation of Navin Ji is undoubtedly correct meaning thereby provision is to be made for IT + SC+ CESS+ SHE CESS + 234 interest.
Error is honestly regretted.
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23 September 2010
Thank you very much sir...
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