Provision of Income Tax in a Pvt Ltd Company
This query is : Resolved
TARIQUE RIZVI
(Querist)
30 March 2021
Whether it is mandatory make provision for income tax as on 31st March ever year ? How to workout the amount for income tax provision ? Just because of unawareness of provision of income tax I have not made any provision, whether income tax department or ROC will recover certain amount of penalty from the assessee. Please guide me and oblige.
CA R SEETHARAMAN
(Expert)
30 March 2021
It's mandatory to provide income tax when profit is earned.
Non provision will not attract any penalty from income tax or ROC.
Make good the short provisions in the next year provisions.
Non provision will not attract any penalty from income tax or ROC.
Make good the short provisions in the next year provisions.
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