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.
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
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
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
