ACCOUNTING FOR INCOME TAX

This query is : Resolved

CA PRATEEK KUMAR PATEL (Querist)
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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.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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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.

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