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I have audited the financial statements of a Government company registered under section 25 of the companies Act,1956.It Earns interest Income from fixed deposits which is taxable under the head "Income From Other Sources".It has business loss also which is set off against the above interest income,Hence the company does not create provison for income tax in its books of accounts.I would like to know whether the company should create the above provison or not and what kind of audit opinion will i have to provide??Unqualified opinion or qualifed with the above note?? |
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