[Resolved] | Accounts

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Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2011 What is the difference between "PROVISION FOR TAX ACCOUNT" and "INCOME TAX PAYABLE ACCOUNT"

CA Shailesh Kumar Bhagat (Expert)
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12 January 2011 Basic difference of accounting

First is provision second is laibility.

CMA Ramesh Krishnan (Expert)
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14 January 2011 Provision is a just providing liability based on some assumptions & Income tax payable is actual liability based on calculation

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