Balansheet

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SAMIR DESAI (Querist)

04 May 2012 Dear Sir,

I saw in my F.Y.2010-11 balance sheet Tds on assest side of Rs. 10000 & this year me file return on 30.07.2011 & that time my tax liability raise of Rs. 4500 than how pass entry in my tally account please sir guide me

ASHWANI VASHIST

ASHWANI VASHIST (Expert)

04 May 2012 Dear Samir ,
Procedure is following
1.First make a provision for taxation for computing tax liability.
2.After provision You will shut off the provision for taxation amount to the extent of TDS receivable amount, if TDS Receivable is excess than provision for taxation than excess amount shall be transfered to refund account.

Entry is following:

1.Profit & Loss A/c Dr.
To Provision for Taxation A/c

2.Provision for Taxation A/c Dr.
To TDS Receivable A/c

SAMIR DESAI

SAMIR DESAI (Querist)

05 May 2012 Profit & loss account debit means

SAMIR DESAI

SAMIR DESAI (Querist)

05 May 2012 provision for taxation in which head direct expences

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