Accounts

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riddhi (Querist)
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13 March 2015 IT Provision ( S.A.Tax) for P.Y. 2013-14 is paid in the current year so i passed the following entry

S.A.Tax ( Current Asset)
To Bank ( Current Asset)

but then while making the provision the entry passed was
p& l
to IT Provision ( Provisions)
so how will this IT Provision get reversed?

Also the advance tax paid of P.Y. is carried forward in the current year so i just have to check the current transactions in it?
The Refund of p.y. are showing in the current assets so how to reverse it?

riddhi

riddhi (Querist)
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13 March 2015 can i adjust the s.a. tax with the advance tax paid?

S.a.tax
to advance tax so balance will me provision entry

riddhi

riddhi (Querist)
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16 March 2015 pl reply abybody. It is not resolved

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