Accounts
This query is : Open
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?
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?
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
S.a.tax
to advance tax so balance will me provision entry
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