PLS PROVIDE ME THE ENTRY RELATING TO PROP. CONCERN FOR ADVANCE TAX, TDS, SELF ASSESSMENT TAX
CAN INCOME TAX PROVISION REQ TO SHOW IN P& l A/C
CA. Harinder Kumar (Chartered Accountant) (226 Points)
21 March 2008PLS PROVIDE ME THE ENTRY RELATING TO PROP. CONCERN FOR ADVANCE TAX, TDS, SELF ASSESSMENT TAX
CAN INCOME TAX PROVISION REQ TO SHOW IN P& l A/C
Praseed Kannam Purath
(Taxes Consultants)
(21 Points)
Replied 27 March 2008
Income Tax paid Dr
To Cash
being advance tax paid
vikas
(student)
(38 Points)
Replied 02 June 2008
The provision must be provided as per the method of accounting policy adopted if you want to provoide provision then take it into P & L A/c. & Balance Sheet.
vikas
(student)
(38 Points)
Replied 20 June 2009
Advance tax A/c. Dr.
Tax Deducted at Source A/c. Dr.
Self Assessment Tax A/c. Dr.
To Provision for Income Tax
Provision for income tax can show in the P & L A/c. but the tax amount to be calculated on before taking provision for tax into account
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 22 June 2009
In case of proprietorship firm, the return is filed in the name of proprietor instead of firm, aal the taxes are claimed in his personal name, so it is better to transfer all these taxes to his capital account.
CAclubindia
