PROVISION FOR TAXATION
This query is : Resolved
26 October 2007
For individual can we create Provision for tax ?
if no please mention the section which deals with provision.
if no please mention the section which deals with provision.
sannagovindappa.G
(Expert)
26 October 2007
IN WHICH TYPE ORGSNISATION
26 October 2007
if individual is having income under the head "income from business or profession"
then he can make provision for tax.
but the query is relative because it makes no difference to have a provision a/c, its not tax deductible ??
plz clarify your query
then he can make provision for tax.
but the query is relative because it makes no difference to have a provision a/c, its not tax deductible ??
plz clarify your query
CA. GOPAL SONIKA
(Expert)
03 March 2008
There is no section as such. However, for an individual it is not necessary to make a provision.
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