Provision for income tax is shown in bank's Balance Sheet as _______.
A
Contingent liability
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B
Contingent asset
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C
Borrowings
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D
Other liabilities and provisions
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Solution
The correct option is D Other liabilities and provisions The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year.In the Balance sheet of bank it shown under the head other Liabilities and Provission.