Please advice regarding filling up the following head in Part A Profit & Loss Account of ITR 6 :
1. Provision for Current Tax can be shown under srl. No. 44 of the said Part A, where to fill up Tax of earlier year. Tax of earlier year may be due to short provision made in earlier year and excess paid during current year related to earlier year required to be provided in current year. It may be on account of interest paid under section 234. It can be shown added with provision for current tax as though it is tax of earlier year but provision is being made in current year.
2. Amount of excess tax provided in earlier year and required to be reversed during current year credting the balance of Profit and loss account. Situation of excess tax paid may arise due to full provsion made for any particular Assessment Year considering only Income of that particular AY and not taking into account any brought forward loss and subsequently the said brought forward loss is being set off while filing ITR by the assessee itself or may be allowed by the department at the time of processing as per law. In this case the figure of excess paid is required to be credited in PL account thus resulting in negative(-) figure which could not be filled up in ITR 6.
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