Accounting entries for it provision
This query is : Resolved
Guest
Guest
(Querist)
16 August 2011
Hallo everybody,
As per assesment order if the company is paid tax more than the provision than how to adjust the tax paid amount ?
Is it a prior period item ? if not what is the treatement ?
As per assesment order if the company is paid tax more than the provision than how to adjust the tax paid amount ?
Is it a prior period item ? if not what is the treatement ?
16 August 2011
I guess a IT refund is due to you. only when u receive the amount of refund, credit the amount received as IT refund to P/L account and deduct the same in computation of income for the year in which It refund is received.
2. Only interest on refund shall be offered to tax.
2. Only interest on refund shall be offered to tax.
Guest
Guest
(Querist)
16 August 2011
No company paid excess amount than provision created. Ex: Provision for tax (IT Payable)50,000/- and as per assesment order company paid again 20,000/-
So the above 20,000/- what is the treatment ?
I think the entry will bw
Reserves A/c dr 20,000
to Provision for Tax 20,000
So the above 20,000/- what is the treatment ?
I think the entry will bw
Reserves A/c dr 20,000
to Provision for Tax 20,000
17 August 2011
Need to transfer Income tax account
Dr: Income tax account Rs.20000
Cr: Provision for Income tax Rs.20000
Dr: Income tax account Rs.20000
Cr: Provision for Income tax Rs.20000
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
