acccounting entry
This query is : Resolved
25 December 2009
Hi,
Any one can explain entry?
Advance tax 5000
TDS 3000
Provision tax 6000
(1) If actual tax is 30000, (2) If actual tax is 10000
then what entry should be done.
Any one can explain entry?
Advance tax 5000
TDS 3000
Provision tax 6000
(1) If actual tax is 30000, (2) If actual tax is 10000
then what entry should be done.
CMA Ramesh Krishnan
(Expert)
25 December 2009
1.
Dr. Income tax Rs.24000
Dr. Provision tax Rs.6000
Cr. TDS Rs.3000
Cr. Advanc Tax Rs. 5000
Cr. Bank Rs.22000
2.
Dr. Income tax Rs.4000
Dr. Provision tax Rs.6000
Cr. TDS Rs.3000
Cr. Advanc Tax Rs. 5000
Cr. Bank Rs.2000
Dr. Income tax Rs.24000
Dr. Provision tax Rs.6000
Cr. TDS Rs.3000
Cr. Advanc Tax Rs. 5000
Cr. Bank Rs.22000
2.
Dr. Income tax Rs.4000
Dr. Provision tax Rs.6000
Cr. TDS Rs.3000
Cr. Advanc Tax Rs. 5000
Cr. Bank Rs.2000
CMA Arif Farooqui
(Expert)
26 December 2009
agree
26 December 2009
The above suggested entry is ok if assessement is completed and no dues are pending.
However if assessement is not completed actual tax is work out at the time of tax audit then.
1Dr. Provision for tax Rs.24000
cr. Provision for earlier year Rs.24000
Dr. Advance tax Rs. 22000
Cr. Bank Rs.22000
2Dr. Provision for tax Rs. 4000
cr. Provision for earlier year Rs.4000
Dr. Advance tax Rs. 2000
Cr. Bank Rs.2000
However if assessement is not completed actual tax is work out at the time of tax audit then.
1Dr. Provision for tax Rs.24000
cr. Provision for earlier year Rs.24000
Dr. Advance tax Rs. 22000
Cr. Bank Rs.22000
2Dr. Provision for tax Rs. 4000
cr. Provision for earlier year Rs.4000
Dr. Advance tax Rs. 2000
Cr. Bank Rs.2000
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