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Categories >> Accounting >> Accounting AllOther


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What is the Difference between Proviso & Provision
 Question Submitted By :: Litumohanty
I also faced this Question!!     Rank Answer Posted By  
  Re: What is the Difference between Proviso & Provision
# 1
Provision:- The term 'Provision' is the legal statement
proving for something or we can say rules and relulations
to which we have to apply as per law.

Proviso:- The term 'Proviso' is the some conditions or
restrictions on provision.

For Example:- In Advance Tax, refrence to section 234c of
Income Tax Act, 1961 the provision is that if it is a
deferment of advance tax beyond due date then interest
would be 1% per month for a period of 3 months for every
deferment whenever proviso is that if any income from
capital gain and income from lottery arises after the due
date for any installment then tax payable on such income
should be paid in remaining installment without payment of
any interest.
Is This Answer Correct ?    11 Yes 10 No
Bhimanshu Kansal

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