REGARDING PROVISION FOR INCOME TAX

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SIDDHARTH KOTHARI (Querist)
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05 September 2009 IS IT COMPULSORY FOR THE COMPANIES TO MAKE THE PROVISION FOR INCOME TAX?
CAN ADVANCE TAX OF PREVIOUS YERAS BE CARRIED FORWARD TO PROFIT AND LOSS ACCOUNT?
CAN TDS CAN BE TRANSFERRED TO PROFIT AND LOSS ACCOUNT?
WHAT HAPPEN IF THE COMPANY HAS NOT MAKE THE PROVISION FOR INCOME TAX IN THE PREVIOUS YEAR?
WHAT ARE THE CONSEQUENCES IF THE COMPANY HAS NOT FOLLOWED THE SCHEDULE XI OF THE COMPANIES ACT,1956?

Jitender

Jitender (Expert)
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05 September 2009 prov is reqd to be made.
advance tax /tds can't be routed in p & L a/c.
if in the last year prov was not made, then make it in current year & take it to prior period exp.