Provision for tax
This query is : Resolved
19 August 2009
is provision for tax required to be made for a proprietorship concern? thanx
19 August 2009
If the tax liability is more than Rs.10000 from financial year 2009-10 than advance tax is required to be paid otherwise interest will be attracted under section 234B i.e delay in payment of advance tax and Sec 234C i.e deferment in payment of advance tax.
The provision is calculated to know the exact tax liability and to get safeguard from interest liability.
The provision is calculated to know the exact tax liability and to get safeguard from interest liability.
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