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?
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.
CAclubindia
