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Provision for tax

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(Querist)
24 November 2011 why do we create provision for tax in case of company and when it should be adjusted
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Ravindra Srinivasa

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Ravindra Srinivasa (Expert)
25 November 2011 Dear Monica.

You will create provision for tax because is it payable for that financial year. And this will get adjusted when it is paid.
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
26 November 2011 A company has to pay Tax on its profits irrespective of the amount of profit.

As per accounting standards, provision of all expenses which are probable, has to be made.
The provision for tax payable has to be made.

This provision has to be adjusted against TDS deducted by others from payment to company, advance tax paid by the company ad the final tax paid by the company!
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