Income tax entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2014 PROVISION FOR INCOME TAX-RS.84000 (F.Y.-2012-13).
SELF ASSESSMENT TAX PAID IN F.Y.=13-14 (FOR F.Y.-12-13) RS.92510
INCOME TAX REFUND GOT IN F.Y.= 14-15 RS.3410 (FOR F.Y.-12-13)
WHAT WILL BE THE ENTRY FOR PROVISION FOR INCOME TAX FOR F.Y.-12-13, SELF ASSESSMENT TAX PAYMENT IN F.Y.-13-14 (FOR F.Y.-12-13) & INCOME TAX REFUND FOR F.Y.12-13 IN F.Y.-14-15 (RECEIVED)?

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
Follow

27 December 2014 Dear

Entry will be

Provision for income tax dr 84000
Income tax refund due(FY...)dr 11920
{(92510-84000)+3410}
TO INCOME TAX PAYABLE 84000
TO SELF ASSESSMENT TAX 8510
TO INCOME TAX REFUND 3410
(BEING PROVISION FOR INCOME TAX BOOKED FOR THE FY......)

REGARDS
PRADEEP KUMAR

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

28 December 2014 Dear Mr. Pradeep, the journal entry will.

Entry required to made on the basis of return of income

Provision of Income Tax Dr 84,000/-
Income Tax Refundable for AY.. Dr 5,100/-
To Self Assessment Tax 92,510/-

On the date of Refund.
bank A/c Dr 3,410/-
To Income tax refund 3,410-interest
to Interest on income tax (if any) Interest

Note: balance of Rs.... (5100-3410+interest) will be standing on the book as still receivable or can be directly transferred to income tax adjustment ledger