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Provision for taxation is an important adjustment in corporate accounting, as it represents the estimated liability of a company towards income tax for a particular accounting year. Since tax is calculated on taxable profits and is usually paid in the subsequent year, a provision is created at the end of the financial year to match the tax expense with the revenue earned during the same period, in accordance with the accrual concept and matching principle. At the end of the accounting year, after determining the net profit before tax, the company estimates the amount of income tax payable based on applicable tax rates and relevant tax laws. The estimated amount is treated as an expense of the current year and is ______ __________ ___ _____ _____ _______ _________ _________.
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