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why do we make a provision for taxation in the financial accounting ??
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Provision for income tax is made because income tax liability arises in next year for income earned in p.y.
But this is related to the previous year hence provision made in previous year in which income earned
Although the tax is payable in the next year but we can calculate the same in the previous year and make a provision of it then why does the amount of provision & tax actually paid varies? ?
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