Hi ,
In our company last year Provision for income tax is created already and it is still showing advance tax for F Y 2013-14 in Balance Sheet .
Please explain what is the procedure to do entry when balance sheet is final it contain Advance tax and provision for income tax for F Y 2013-14.
As i think If company balance sheeet is final for F Y 2013-14 then It means Profit of company is known to accountant so why it is still showing in Provisions for income tax and advance tax of company in balance sheet , Is it correct or not ?
Please give reply as soon as possible
Its most urgent for me
As i thinking,
As balance sheet is final then It only contain's Tax refundable/ Tax payable entry.
Thanks in advance