Provision for taxation
This query is : Resolved
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
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
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)
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)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
