Provision are expected expenditure determined on some presumptions anticipating future events.Since they are not actual liability so no provision is allowed. Further coming back to question Prov of Income tax is not allowable exp.
kumarsatish022
(Professional)
(165 Points)
Replied 04 October 2010
Provision are expected expenditure determined on some presumptions anticipating future events.Since they are not actual liability so no provision is allowed. Further coming back to question Prov of Income tax is not allowable exp.
Raghav Toshniwal
(student)
(450 Points)
Replied 05 October 2010
not allowed.........agreed with all above views...
CAclubindia
