Question

in company final account provision for tax is shown under​

Answer 1

Answer:

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.

Answer 2

Provision for income tax:

• Profit is the source of this provision. Taxable income is calculated after deducting appropriate things from gross profit (for example, depreciation reported in books of accounts and depreciation permissible under income tax laws).
• We must deduct income tax at the current rate of income tax from that taxable profit.