profit & loss (cr) - Rs. 2000 is appearing in the trial balance
Addl info:
P&L balance has been arrived after charging Rs. 5000 on account of short provision for taxation for the earlier year.
Provide for income tax for current year of Rs. 65000.
Profit before tax for current year - 150000
Less: provision for tax (65000)
Short provision for tax in py (5000)
profit for the period - 80000
What is this short provision for py and why is this deducted from currrent year profits?

Dear Respected Sirs/ madam,


Kindly help me in accounting the following expenditure done in proper accounting head.

I want to account it in fixed assets


1. Overhead Tank with fixing
2. Overhead tank stand with fixing
3. Sink tap with pipeline
4. Washbasin with tap & drain pipe
5. Geyser fixing with horse pile
6. Seat cover For WC
7. Hand Foset
8. Flush Tank
9. Net Fixing for windows with 1x1 wodden pathi & net

please anyone can explain me in details the entire concept of Huf. how to create huf? why there is need to create huf? who can create huf? what are the benefits of huf?

Hi can any one tell me that we have not deposit the TDS CHALLAN OF FEB 2016 . IF WE FILE A CHALLAN TODAY THEN HOW MUCH WE HAVE TO PAY INTEREST OR LATE FINE .The amount is given under which we have to submit in FEB 2016. 1. Salary : Rs.141849 2. Rent : Rs.11468 3. Contractor : Rs.937

Dear All,

The query is produced below -

"Company was entitled to get some grant on % of on investment made in Plant & Machinery in backward area in 2010. Since, there was uncertainty in collection, company didn't booked it on accrual basis. However, the grant was later received in 2016. What should the correct accounting treatment now in 2016 as per Ind AS-20.

Shall it be credited to deferred govt. grant in balance sheet and recognised in profit or loss over the remaining useful life of such plant and machinery or it shall be directly credited to Profit or loss account."

Thanks in advance

Sir,

I want to ask query regarding filing of MTR-6 profession tax challan of Maharashtra, when to be mark Form ID - III or IIIB? Please answer me.

Pravin.

Hi,

What is the difference between Rent deed vs Lease deed.

One of my clients is proprietorship firms they have done most of his transaction from his saving bank account whenever he receive funds from his client and transfer it to saving account and done the business transaction. Now problem how can i show the transaction in books of account??

Why closing stock is shown in the credit side of Trading Account, being an asset.

what is difference between sales tax and vat