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Q. > Please Help: Provison of Income Tax
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??
answered Sep 03, 2013 by SUBHASH KUMAR JHA , Darbhanga
if no tax liability is coming then no need to create provision
and if tax liability is coming but still he is not making provision then give qualified report
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