Provision for Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2011
How to determine provision for tax if accounting year is different from income tax year?
Suppose accounting year commences from Jan 10 to Dec 10 but income tax liability is determined for April to March every year.Then how should i account for tax provision in books of accounts as income tax expense for Jan 10 to March 10 has already been settled and tax liability for Jan 11 to March 11 is yet to be provided.
Any Answers?
Suppose accounting year commences from Jan 10 to Dec 10 but income tax liability is determined for April to March every year.Then how should i account for tax provision in books of accounts as income tax expense for Jan 10 to March 10 has already been settled and tax liability for Jan 11 to March 11 is yet to be provided.
Any Answers?
Sunil Kr. Sanganeria
(Expert)
18 February 2011
Since you ae preparing two account one for Income Tax and other Company Law Purpose. ou have determine provision of taxation for the period the accounts relates
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