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Provision for income tax

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(Querist)
04 April 2014 provision for income tax is created by whom (individuals,companies,firms)? and when(at what time)?
i mean it is compulsory for all assesses.
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CA Deven

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CA Deven (Expert)
04 April 2014 Provision for Income Tax is created by all the assessee to prepare its financial statements at the year end
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SRINIVAS

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SRINIVAS (Querist)
05 April 2014 thank u sir ......
when provision for income-tax created and when advance tax deducted from provision for incometax
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CA Deven

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CA Deven (Expert)
05 April 2014 both are different things one is the item of liability and one is asset. the same can be adjusted only after assessment of that year

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