Adjustment entry
This query is : Resolved
charudatta
(Querist)
08 October 2011
In the books of a proprietorship company , it is shown under assets side - Advance tax paid & TDS credit available AND on the liability side the provision for taxes paid , now i want to adjust both the entries against actual tax liability. SO WHEN THE ADJUSTED ENTRY TO BE PASSED FOR THE SAME. AT 31/3 OR ON 01/04 ???
CA Divyesh Sodha
(Expert)
08 October 2011
on nay date, there is no such specific rules for the same.
CA Pushpendra Gaur
(Expert)
10 October 2011
The above entry should b appropriately passed on the date of discharge of final tax liability.
e.g. The Income tax return was filed on 1st September, on the same date the above adjustments are to be made as i.e. the only day when you will come to discharge the liability
e.g. The Income tax return was filed on 1st September, on the same date the above adjustments are to be made as i.e. the only day when you will come to discharge the liability
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