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Provision for taxation
A pvt ltd co has disclosed the amount of provision for taxation in its P/L A/c by showing net amount of provision made during the year after deducting excess provision of earlier years. The co is regularly follows this system of reporting. What is the liability of auditors for such disclosure by the co?
Replies (2)
you can mention this matter in notes to accounts
disclosure is not correct as per companies act 2013. co must shown current year provision for taxation separately in statement of profit & loss account , so as a auditor u have to mentioned In audit report .
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