can a company make provision for tax in a particular financial year for its last previous year(ie.a.y's 10-11 prov in f.y 11-12) ,whether it s correct to do so ,how & why??
thanx in advance.
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Provision for tax
Replies (3)
it can show such provision under prior period item and below the line it is permitted as per existing AS
i am agrre with amit agrawal i hope it wiil clear all your doubts regular savings account
You can show the provision for tax for all the years in the P&L account. However in the ‘Notes to Accounts’ you can specify the details of the tax provision made by giving the amount & the year
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