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?
CAclubindia
