Adjustment entries of Provision for taxation & TDS Rec
This query is : Resolved
RAKHI CHAUDHARY
(Querist)
22 July 2010
Sir
Please tell me
In the auditee company,balances of provision for taxation & Tds Recoverable for the P.Y. 06-07 are still appearing in the books.Should adjustment entry relating to above be passed this year?
After how many years TDS Recoverable A/C ,Provision for Taxation and advance tax A/c standing from a long priod should be adjusted?It means that for how many yrs should we wait for Income Tax Assessment?
Please tell me
In the auditee company,balances of provision for taxation & Tds Recoverable for the P.Y. 06-07 are still appearing in the books.Should adjustment entry relating to above be passed this year?
After how many years TDS Recoverable A/C ,Provision for Taxation and advance tax A/c standing from a long priod should be adjusted?It means that for how many yrs should we wait for Income Tax Assessment?
CA Sanat Pyne
(Expert)
22 July 2010
currently assessment is going on for the a.y. 2008-09.
It is better to collect 143(1) intimation from the department and adjust the above ledger.
It is better to collect 143(1) intimation from the department and adjust the above ledger.
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