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Provision for income taxes is money set aside for payments, say during January and February for quarterly payment in March.
Taxes on income is the actual expense after tax payment is calculated.

2007-06-05 16:59:59 · answer #1 · answered by Mike1942f 7 · 0 0

When we produce our income statement, we will do a estimate calculation of the income tax payable. In accounts and reports, we call this tax provision or provision for tax. This is the same as taxes on income statement. Then when the tax authority issue a tax assessment, you would need to pay income taxes. This is tax paid. The difference between tax provision and tax paid will be charged to the income statement.

2007-06-05 19:33:51 · answer #2 · answered by Anonymous · 0 0

Yes, cheating on taxes is a type of fraud. It just has it's own title..

2016-03-19 02:21:31 · answer #3 · answered by Anonymous · 0 0

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