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Provisional tax

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(Querist)
20 May 2019 If net profit is 60,00,000 and we have paid advance tax Rs.5,00,000 then provisional for tax what in balance sheet at time of making ???
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 June 2019 assuming that the query is for company assessee having 25% slab rate (Turnover less than 250 cr)
tax liability = 25% of 60,00,000/- = 15,00,000/-
out of that advance tax paid 5,00,000/-
provision for tax = 15,00,000 - 5,00,000 = 10,00,000/-
Plese note you need to calculate interest thereon for less payment of advance tax
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