provision for income tax

This query is : Resolved

seema wadhwa (Querist)
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16 July 2011 i have prepared balancesheet of a company for the A.Y 2011-12. IN the A.Y 2010-11 company made a provision for income tax of Rs. 191298 in the books but Actual Tax was Rs. 191483 Now there was difference between Rs. 185 in Provision for income tax So in A.Y 2011-12 I make Provision for Earlier tax of Rs. 185 and i have shown it in Profit and loss A/C but i have not shown it in Balance sheet. Whether am i wrong or right please guide me

CA Ankit Gulgulia (Jain)

CA Ankit Gulgulia (Jain) (Expert)
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16 July 2011 The Reminiscent Rs 185 ideally shall be Accounted in Both P&L as Well as Balance Sheet by a Double Entry .

Principally we shall square off TDS Receivable/Advance Tax Amount with Provision for Income Tax on Completion of Assessment.

Regards
Ankit Gulgulia