banner_ad

ACCOUNTING FOR INCOME TAX

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 May 2008 SIR,
I WANT TO KNOW ACCOUNTING TREATEMENT OF PROVISION FOR INCOMETAX, TDS RECEIVABLE, MAT. WHAT ENTRY SHOULD PASSED AS THE YEAR END(31ST MARCH). INCOME TAX ASSESSMENT IS NO COMPLETE. CAN I ADJUST TDS WITH PROVISON OF INCOME TAX IN BALANCE SHEET OR SHOW BOTH SEPERATELY.
Profile Image

CA. Yayati Tyagi

Profile Image

CA. Yayati Tyagi (Expert)
28 May 2008 on 31 mar, u simply make this entry:

income tax a/c dr. 900
to provision for income tax 900

after filing the return, you should adjust all such accounts like income tax provision, tds receivable and advance tax etc. and balance should be trfd in tax payable or tax refundable a/c, as the case may be.

example:

income tax provision dr. 900
tax refundable dr. 100
to advance tax 800
to tds receivable 200

means you make entry simply as you have shown tax in your i.t. return.

you don't need to kept open these account merely for sake of assessment, tds certificates will cater to that purpose.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details