what is the meaning of provision for taxation
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The Estimated tax is to be deposit for current financial year.
This Income tax is on the basis of Estimation basis because
we can not calculate exact Income tax in the last day of
Financial year. for finalisation of Balance sheet we have to
provide the amount of Income tax . This amount is to be
shonw for provision for Taxation . This is the liablity of
next FY.
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Answer / ravi
some amount of profits kept as a provision for last year
can be used for provision for taxation if loss occurs in the present year and the amount which is kept for provision for taxation must be used for provision for taxation only
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Under the provisions of the BST Act, no registered dealer is allowed to collect any amount by way of tax in excess of the amount of tax payable by him. Excess tax collected is to be forfeited to Government. However i want to know whether tax payable amount is the amount before the set off claimed or the tax payable amount after availing the set off.
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Audit 
