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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2010 how long can we carry forward the provisions made in the accounts if not utilized during the year

CA Chitresh Gupta

CA Chitresh Gupta (Expert)
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19 February 2010 AT EACH BALANCE SHEET DATE, YOU NEED TO RE-EVALUATE/ CHECK, HOW MUCH PROVISION IS REQUIRED. IN CASE PROVISION IS NO LONGER REQUIRED TO SETTLE A GIVEN LIABLITY IT MAY BE WRITTEN BACK OR IF ADDITIONAL PROVISION IS REQUIRED IT MAY BE CREATED/ PROVIDED.

REGARDS