Provision for tax in the credit side of p/l account-- what is it??

All I can think of is a case in which you received a tax refund. The refund would be recorded as a Revenue, which would be recorded as a credit like any other revenue.

@roger
Thank you so much for your response. I have seen a similar case with provision for dividend. What might be the logic for this? I don't think that dividend can be refunded or something like that!

I'm not sure of the exact situation, but while a dividend is revenue, when a dividend is declared it could be recorded as either an Account Receivable or a specific receivable such as Dividends Receivable. If it's recorded as a receivable, it is immediately recognized as revenue.

Dividends Receivable $xxx.xx (a debit)
Dividend Income $xxx.xx (a credit)

When the dividend is actually received, it would be recorded as something like:

Cash $xxx.xx (a debit)
Dividends Receivable $xxx.xx (a credit)

Again, I'm not sure of your particular situation, but you can probably see how the entries would be made, and how each part of the transactions show up on both Income Statement and Balance Sheet. That is, Cash and Receivables both are posted to the Balance Sheet, with Income going to the Income Sheet, or P&L if you use that nomenclature.