Advance tax

This query is : Resolved

Gopal Joshi (Querist)
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30 December 2014 Type of assesse is LLP.

For FY 2013-14 I paid advance tax of Rs. 50,00,000 and on the time of date of return I paid self assessment tax of Rs. 64,000 against provision for tax of Rs. 50,89,300.

As per ROI my computed tax liability is Rs. 50,64,000 but erroneously I make a provision of Rs. 50,89,300.

For FY 2014-15 please advice me what should I do for extra provision of Rs. 25,300 and

for advance tax can I pass this JV in FY 2014-15
Prov. for tax Dr. 50,64,000
To Advance tax 50,00,000
To Bank 64,000

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 December 2014 Extra provision to be reversed. The above JV is in order you can pass it. Normally for bank payments no JV will be passed.

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Rupesh Jain

Rupesh Jain (Expert)
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30 December 2014 YOU CAN REVERSE ENTRY OF PROVISION WITH THE DIFF. ANOUNT OF PROVISION.

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Gopal Joshi

Gopal Joshi (Querist)
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30 December 2014 Is it prior period item?

Is this JV correct

Prov. for IT a/c Dr 25300
To P&L A/c 25300

and just I've one more question
Our assessment is pending after this can we pass this JV
Prov for tax Dr
To Advance Tax

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 December 2014 It is not not prior period item (not an error or omission).
The JV is correct.
You can pass the entry after filing return. Further adj. made after assessment.

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