For Meghal Industries Ltd. opening balance for Provision for Taxation is Rs. 18,000 and closing balance is Rs. 15,000. During the year Taxed paid wereRs. 10,000. What is the current year's Provision for Taxation made from the profit?

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Quizplus · Accepted Answer

The current year's Provision for Taxation is calculated as: Opening balance (Rs. 18,000) + Provision made during the year - Tax paid (Rs. 10,000) = Closing balance (Rs. 15,000). Solving for Provision made during the year gives Rs. 7,000.