provision for contractual obligation
This query is : Resolved
13 August 2012
Whether the provision made in the books of account for contractual obligation in order to meet warranty obligations is allowable under the Income Tax Act, 1961 or not ?.
Whether the provision made in the books of account for contractual obligation in order to meet warranty obligations is allowable under the Income Tax Act, 1961 or not ?.
13 August 2012
Yes it is allowable provided the amount of provision should be calculated on the basis of past trends etc.
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