Adjustment of past year income tax demand raised & deposited in current year
This query is : Resolved
rahul pareek
(Querist)
19 July 2014
sir, we have received an demant notice for the year 12-13 and we have deposited the same with the department. now we are finalising the b/s for the yr ended 13-14. i want to know how to make accounting enteries & show this in p&l a/c or b/s. assessee is private ltd company
Ganeshbabu K
(Expert)
20 July 2014
Will not appear in Balance sheet
.
.
As demand raised and paid in full
.
.
In Statement profit and loss it will appear as prior year tax
.
.
which will be along with current tax and defered tax
..
.
Entry Recommended can be as follows
.
.
Dr.prior Year tax
Cr.bank A/c
.
.
As demand raised and paid in full
.
.
In Statement profit and loss it will appear as prior year tax
.
.
which will be along with current tax and defered tax
..
.
Entry Recommended can be as follows
.
.
Dr.prior Year tax
Cr.bank A/c
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