Question

26. Provision for taxation for the current year is
| (a) Deducted from profit before tax
(b) Deducted from profit after tax
(c) Deducted from profits available to shareholders
(d) Deducted from operating profit.​

Answer 1

Explanation:

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Answer 2

Provision for taxation for the current year deducted from profit before tax.

• Tax is the compulsory payment done to the government by the company. A business firm should pay the taxes and record all that transactions honestly.
• These taxes are used for the benefit of society. The taxes are used to fund the public infrastructure and to payment of salaries to various government officials who work for the betterment of the country.