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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
