Income tax provision entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 I AM A PROPRIETOR OF MY FIRM I WANT TO PASS INCOME TAX PROVISION ENTRY TO BE PAID OF RS.3500/-

HOW TO PASS THE ENTRY

DO I PASS LIKE THIS ?

DR.INCOME TAX (PROVISION)RS.3500/-
CR. CAPITAL (MY SELF) RS.3500/-

Kapil Gupta

Kapil Gupta (Expert)
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12 December 2011 Income tax exp dr.
to Income tax provision

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 UNNER WHICH ACCOUNTING GROUP I HAVE TO TAKE
INCOME TAX EXP
AND
INCOME TAX PROVISION

Anshu Budhia

Anshu Budhia (Expert)
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12 December 2011 Income tax exp Dr.
to income tax provision a/c
Show income tax prov. under Current Liab & Prov.
and Income tax exp is shown after PAT under P&L A/c

Anshu Budhia

Anshu Budhia (Expert)
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12 December 2011 Income tax exp Dr.
to income tax provision a/c
Show income tax prov. under Current Liab & Prov.
and Income tax exp is shown after PAT under P&L A/c

anurag

anurag (Expert)
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12 December 2011 can also use following set of entries-
Advance Tax Paid Dr
Bank Cr

TDS(Assets) Dr
Sundry Debtors Cr

Income Tax Exp Dr
Advance Tax Cr
TDS (Assets) Cr
IncomeTaxPayable Cr

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 I UNDERSTOOD ABOUT PROVISION ENTRY CREDIT
BUT I DONT KNOW HOW TO ENTER INCOME TAX EXP. ENTRY SHOWN AFTER PAT UNDER P&L A/C.

Anshu Budhia

Anshu Budhia (Expert)
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12 December 2011 Gross Income xxxx
Expenses xxxx
Net profit after tax xxxx
Less: Income tax expense xxxx
Profit after tax...

The entry is to be shown before PAT, wrongly posted in the earlier comment.