CAclubindia

Queries Replied : 9

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guru says : query
sir,,i hav doubt in provision for income tax a/c ...I paid advance tax for 2014..in 2014 end of that year I made income tax provision...next year 2015 after income tax assessment over if no extra tax means ill make entry {income tax prov a/c dr To ADVANCE TAX A/C}...MY QUES IS I DID ONE SUM IN THAT SUM IN 2014 IN INCOME TAX PROVISION A/C THEY TAKEN TO BANK(ADVANCE TAX) IN DEBIT SIDE..HOW WE CAN TAKE THIS IN 2014..ONLY WE CAN DO THIS ENTRY ONLY IN 2015 A/C KNOW NA SIR???

pranavsamant says : ACCOUNTING
Whta is a difference between provision for taxation and advance payment for tax.What is a tax liability?

Akash Gupta says : Duty & Taxes
Sir u have resolved my 1st query.. further i would like to know why only the word duty is used in case of import& export. why not the word tax....