what is the time period of specific reserve
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Certain reserves required to be created under the Income-Tax Act are to be preserved for a specific period of time ...
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Another common term which finds a place in the balance sheet of a firm is reserves. The amount of reserves is a very important component in the financial statements. This is because, any amount which is kept aside in reserves, brings down the amount of profits of the firms. Thus, the study of reserves and how they are created, are pertinent to the understanding of accounting terms. Let us get to know what is a reserve.
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