What is the amount of provision to be made for tax ,with intetest or without interest
This query is : Resolved
Eswar Reddy S
(Querist)
27 December 2013
Hi All,
Tax has to be calculated on net income after chapter VIA deductions.
What is the amount of provision for tax has to be made when interest applicable for non filing of incometax returns and delay in payments of advance tax?
Annu Agarwal
(Expert)
28 December 2013
Provisions have to be made of tax amount only ,not of the interest amount.
28 December 2013
Interest , referred in the query, is an ascertained liability, being mandatory, provision for income tax including interest has to be made in the accounts.
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