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Provision for taxation

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(Querist)
27 March 2009 Sir,

pls guide me if i have provided rs.10,000 as income tax and my advance tax s is rs.
8000.00 as on 31st march then in next year how should i setoff both the accounts.

pls tell me what adjustment entries should I pass.


Thanks
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
27 March 2009 In the year of provision (eg 31-3-2009)

Profit and Loss account 10000
To Income tax Payable 10000
(being Income tax for the year)

Income tax payable 8000
To advance TAx 8000
(Being Advance tax has been adjusted against tax payable)

When you pay in next year ie (after 1-4-2009)

Income tAx payable 2000
To Bank 2000
(Being Balance tax paid)
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