Accounting entry
This query is : Resolved
30 November 2011
Sir tell me,i am doing some entry so is that right and wrong.
At the Time of Income Tax Provided in book
Profit And Loss A/c .....Dr (last year Loss)
To Provision for Income Tax (Current Liability)
Ans At the time of Payment TDS and self assessment tax balance transfer
Provision for Income Tax ......Dr 32
To TDS receivable 32
At the Time of Income Tax Provided in book
Profit And Loss A/c .....Dr (last year Loss)
To Provision for Income Tax (Current Liability)
Ans At the time of Payment TDS and self assessment tax balance transfer
Provision for Income Tax ......Dr 32
To TDS receivable 32
12 May 2012
The first entry is correct.
The second entry is also correct if no payment is made.
If payment is made, entry will be as under:
Prov for Tax
To TDS Receivable
To Bank
The second entry is also correct if no payment is made.
If payment is made, entry will be as under:
Prov for Tax
To TDS Receivable
To Bank
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Rent lease agreement
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
