Provision for taxation
This query is : Resolved
17 December 2012
Whether provision for tax is to be calulated for 9 month from april to Dec or from jan to Dec where financial year end on 31st december. As final calculation were already made as per IT Act in March.
17 December 2012
in income tax, tax is calculated on the basis of Assesment year and in it has to be 31st march as as per definition Assessment year means period of 12 months commencing from 1st April of every year.
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