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Provision

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(Querist)
10 February 2012 what does provision mean?
and provision for taxation
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
10 February 2012 a present obligation which satisfies the rest of the definition of a liability, even if the amount of the obligation has to be estimated.

Provision can also be defined as the "liability of uncertain timing and uncertain amount"

You could refer to AS 29 for more information./

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