Income Tax Provision has to be provided for 44AB Proprietorship concern in their financial Statements .Since assesse is an individual, he can claim deductions under chapter VI A . So he will only be liable for lesser amount of tax than the IT Provision provided in the statement. Hence, Excess IT Provision has to be set off in the next assessment year . Excess IT Provision has to be credited to proprietor’s current account or else to be credited to P&L A/C.However this will continue to happen every year .Is there any way to tackle this problem ?
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