Why provision for income tax

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This discussion explores why partnership firms often don't make a specific provision for income tax. It clarifies that while it's possible to make such a provision, it's not standard practice. The key questions addressed are the effects of making a tax provision on the profit and loss account and how it would alter the profit distribution among partners.

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(Querist)
21 February 2022 why provision for income tax is not made in the case of partnership firm.
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CA Mayur Todmal

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CA Mayur Todmal (Expert)
22 February 2022 no bar, you can make provision for tax
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Daya

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Daya (Querist)
22 February 2022 IF PROVISION MADE THEN WHAT WILL BE THE EFFECT IN PROFIT AND LOSS ACCOUNT AND PARTNER SHARE. PLEASE REPLY
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