Bank shows provision for income tax under what head?
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The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year.In the balance sheet of bank it shown under the head other liabilities and provission............
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Bank shows provision for income tax under what head: Other liabilities and provisions.
Under this provision, the bank estimates the amount of taxes a company will pay in a given year. In the balance sheet of the bank, it is shown under the head named Other liabilities and provisions.
The taxes on an income statement of a company is estimated under this provision and yearly tax is calculated.
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