Question

what is provision for tax in accounting??​

Answer 1

Answer:

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Explanation:

[1] Provision for Income Tax :

[1] Provision for Income Tax :After adjusting necessary items from gross profit, (e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules) taxable income arrives. On that taxable profit we have to make provision for income tax at prevailing rate of income tax..

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Answer 2

Answer:

A provision for income taxes is the estimated amount that a business or individual taxpayer expects to pay in income taxes for the current year..…..A planned provision for income taxes can also be included in a company's budget model.

Explanation:

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