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What is a provision for income tax and how do you calculate it?

ThomsonReuters

Estimating each year’s tax provision is not a menial task and can require a great deal of time and effort for corporate tax departments. How provision for tax is calculated. A company’s tax provision has two parts: current income tax expense and deferred income tax expense.

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Top 10 Common Accounting Interview Questions with Answers

Simple Accounts

However, it cannot replace human force in accounting. It is an updated digital version of bookkeeping and it aids accountants to work smarter than harder. . Generally Accepted Accounting Principles . Explain the latest changes introduced in Tax. You must be aware of new changes in tax, accounts, etc.

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