Accounting of income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 Please tell me when the adjustment entry of advance tax and tds are required to be made agains provision for income tax?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2012 The adjustment entry will be made after the end of the assessment. Till then these amounts will reflect in your balance sheet.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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12 April 2012 Agree with expert. However, the same can be shown after netting off in the balance sheet.
i.e. If Advance tax is more than provision, then it can be shown as Advance tax (net of provision) in loans and advances schedule
If provision is more than advance tax, then it can be shown as Provision for income tax (net of advance tax) in Provisions schedule.

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 Mr. Sanjay thanks for your valuable suggestion plz further clarify if the company does not liable for assessment u/s 143, 147,144 then when the adjustment entry to be made.....for example for f.y.2011-12 when this entry to be made after payment of self assessment tax?

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